US wholesale prices in April highest in three years

Wholesale prices rose a seasonally adjusted 1.4% in April, which was the highest monthly gain since March 2022, the federal government announced Wednesday morning. 

The latest Producer Price Index (PPI) figures from the Department of Labor Statistics also were higher than the 0.5% the Dow Jones consensus had forecast, CNBC reported. 

The index measures the average change over time in selling prices received by domestic producers for their output, and it tracks inflationary trends from the seller's perspective across mining, manufacturing, agriculture, and service industries. This contrasts with the Consumer Price Index, which is a measure from the purchaser's perspective. 

On an annual basis, April's PPI was up 6%, the largest increase since December 2022.