Companies paid much higher prices to producers in April for everything from steel to meat in another sign of inflation in an economy rapidly recovering from the pandemic. The new data comes a day after a sharp gain in consumer prices sent the stock market reeling.
The Producer Price Index rose 0.6% from March, according to the U.S. Bureau of Labor Statistics. Year over year, the PPI spiked 6.2%, the largest increase since the agency started tracking the data in 2010.
Economists polled by FactSet were expecting a 0.3% monthly increase in April and 3.8% year over year.
Stocks futures were positive after the report.
The core PPI, which excludes volatile items like foods, energy and trade…