Wholesale inflation jumps 6% in April on annual basis, biggest increase since 2022

Summary

Rick Santelli reports that April PPI jumped 1.4% month-over-month, year-over-year up 6%, the hottest since March 2022. Core measures also exceeded expectations, causing Treasury yields to rise and futures to fall.

• April headline PPI rose 1.4% month-over-month, almost tripling expectations.
• Year-over-year headline PPI surged 6%, the hottest since March 2022.
• Core PPI excluding food and energy rose 1.0% month-over-month, also the hottest since March 2022.
• Year-over-year core PPI came in at 5.2%, above the 4.3% estimate.
• Year-over-year core PPI excluding food, energy, and trade was 4.4%, highest since February 2023.
• Treasury yields moved higher, with the 10-year approaching 4.5%.
• Dow futures fell deeper into negative territory after the data release.
• Inflation pressures appear to be outpacing wage growth.