Producer prices increased 0.1% in April, seasonally adjusted, after rising 0.3% in March, according to the U.S. Bureau of Labor Statistics. Compared with a year ago, the CPI is up 2.5 percent.
USA wholesale costs edged up only 0.1 per cent in April, held by way of a significant decline in food expenses.
Energy costs, which had fallen for two months, edged up 0.1 percent in April, although gasoline costs fell 0.4 percent.
Israel Strikes Iranian Targets in Syria as Tensions Escalate
On Thursday, the White House condemned Iran's rocket attacks but failed to mention Israel's strikes on military targets in Syria . He said on Twitter: "Iranian Quds force fired 20 rockets towards forward IDF (Israeli Defence Force) positions on Golan Heights".
United States producer prices barely rose in April after strong gains in the first quarter, held down by a moderation in the cost of both goods and services, which could ease fears that inflation pressures were rapidly building up.
The U.S. Dollar held steady after the release of the report, but gold prices surged higher. Food prices fell 1.1%.
(Kitco News) - Gold prices have pushed to near session highs as US inflation pressures remain muted.
The Fed is projected to raise interest rates in June for the second time this year, though officials were divided in March over whether three or four total hikes in 2018 were warranted.
Sterling down, bonds rise as Bank of England cuts inflation, growth forecast
Most economists polled by Reuters expect the BoE to vote 7-2 to keep rates on hold this month and not raise rates until August. Bank hints at future rate hikes, saying that it is ready to tighten policy going forward, if the economy grows as forecast .
Further increases are likely after crude oil prices jumped to 3-1/2-year highs on Wednesday in the wake of President Donald Trump's decision on Tuesday to pull the United States out of an worldwide nuclear deal with Iran.
Prices for final demand services increased 0.1%.
Apparel prices rose 0.3 per cent in April after falling 0.6 per cent in the prior month. Traders had priced in an increase of 0.3 percent. Claims dropped to 209,000 during the week ended April 21, which was the lowest level since December 1969. A government report on Tuesday showed job openings rising to a record 6.6 million in March. Unprocessed goods costs rose 3.2% from a year earlier last month.
Transfer of US Embassy to Jerusalem violates worldwide law
The embassy will be inaugurated next Monday, which coincides with the 70th anniversary of the Palestinian Nakba. To the Palestinians it is indicative of what they say is the White House's pro-Israel bias.