The US Labor Department said on Wednesday that U.S. producer prices recorded large increases in April.
The seasonally adjusted producer price index increased 0.6 percent, the biggest gain since September 2012. In layman's terms this means the prices paid for inputs by the nation's farms, factories and refineries rose. Last month, food prices surged 2.7 percent.
A drought in California is putting upward pressure on fruits and vegetables grown in the central valley. The price of pork has been rising as a previously unseen virus attacks hog population in North America.
The price of coffee is also rising rapidly as climate change affects coffee-growing regions. All in, the data is not good news for the American economy, which could be headed for another recession.
On Tuesday J.P. Morgan Chase estimated US GDP contracted at a 0.8% rate in the first quarter. Macroeconomic Advisers estimated a contraction of 0.7%.
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A drought in California is putting upward pressure on fruits and vegetables grown in the central valley. The price of pork has been rising as a previously unseen virus attacks hog population in North America.
The price of coffee is also rising rapidly as climate change affects coffee-growing regions. All in, the data is not good news for the American economy, which could be headed for another recession.
On Tuesday J.P. Morgan Chase estimated US GDP contracted at a 0.8% rate in the first quarter. Macroeconomic Advisers estimated a contraction of 0.7%.
Read the full story
