US producer prices increase more than expected in April

Vegetables are pictured at a produce shop at Reading Terminal Market in Philadelphia, Pennsylvania, U.S. February 19, 2022. REUTERS/Hannah Beier/File Photo

WASHINGTON: U.S. producer prices increased more than expected in April amid strong gains in the costs of services and goods, indicating that inflation remained elevated early in the second quarter.

The producer price index for final demand rose 0.5% last month after falling by a downwardly revised 0.1% in March, the Labor Department's Bureau of Labor Statistics said on Tuesday.