The wholesale price of goods increased further in April as part of an underlying inflation problem that persists throughout the U.S., according to the Bureau of Labor Statistics on Thursday.

The producer price indexThe metric that tracks the amount of products sold at the initial sales point by manufacturers rose 0.5% and 11% respectively, down from March’s record 11.5%.

Core PPI increased 0.6% in April, while it rose 6.9% compared to a year earlier. This is a drop from 7.1% last month.

The Dow Jones forecasts were correct for both monthly increases. Core PPI was 0.9% higher than the headline PPI, which rose 1.6%.

These numbers were released the same day that the BLS announced that consumers are paying more for goods and services on the market. rose 8.3% from a year agoAlthough this is lower than 8.5% in March, it’s still the most severe inflation that the U.S. has experienced since 1980.

The results of a Thursday separate economic report revealed that jobless claims totaled 203,000The week that ended on May 7 saw an increase of 1000 compared with the previous week. It was more than double the Dow Jones estimation of 194,000.

The number of continuing claims declined by 44,000, to 1.343 Million, which is the lowest since Jan. 3, 1970.

Even though the news was largely good for the jobs marketInflation is the biggest problem facing policymakers and threatens to stop the expansion. This week President Joe Biden has repeatedly spoken out about rising prices during his tenure. set forth several proposalsThis is how to solve the problem.

Inflation surges were largely due to gas and groceries. According to PPI data indexes, they rose by 1.7% in April and 1.5%, respectively. Inflation has also been driven by auto prices. The PPI Index for motor vehicles and other equipment saw an increase of 0.8%.

During April, when gas prices were at an all-time low, the gasoline index dropped 3.2%. However, this trend is now reversed with gasoline prices. back around record highs.

Biden promised to take action on the legislative side, but also pointed out that the Federal Reserve plays a crucial role. The Fed met last week approved a half percentage point increaseThe benchmark interest rate saw the second annual increase, with further increases expected.

According to Thursday’s market pricing, a possible additional half-point increase in the Fed funds rate was expected for June and year-end. This is compared with its target range of 0.75-11%. a CME Group futures tracker.