Gas Price Spike Signals Ongoing Inflation Pain for Consumers
Gas prices jumped 15.6% in April, accounting for about 40% of the month’s rise in prices businesses paid, as the Producer Price Index rose 1.4% for the month and 6% year over year. Core PPI also climbed 1% for the month (5.2% annually), suggesting some higher costs may be passed through to consumers. The article notes Iran-era tensions are weighing on US businesses, likely keeping inflation pressure elevated and potentially pushing prices higher for shoppers.