Forex News

US producer prices plunge 1.3% in April

US producer prices plunge 1.3% in April

Producer prices in the United States fell more than forecasts in April on a decline in demand goods and services after the restrictions imposed by the government to limit the spread of the highly contagious Covid-19.

The producer price index (PPI) saw a 1.3 percent decrease in September, following a 0.2 percent drop in March, compared to market expectations of 0.5 percent fall. The year-on-year reading descended 1.2 percent from a previous of 0.7 percent rise.

Core PPI fell 0.3 percent in April from 0.2 percent increase in March, while the annual reading came in at 0.6 percent, down from 1.4 percent.

Data released yesterday showed that U.S. consumer price index (CPI) saw a 0.8 percent fall in April, while the year-on-year reading decelerated sharply to 0.3 percent, the lowest level in five years.    

The dollar index traded lower for a second straight session at 99.71 after opening today’s session at 100.03.

Share Article