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US producer prices surge in April on strong services, goods
U.S. producer prices increased more than expected in April amid strong gains in the costs of services like portfolio management and hotel accommodation, indicating that inflation remained stubbornly high early in the second quarter. The report from the Labor Department on Tuesday also showed wholesale goods prices rising solidly last month, though the cost of food declined. Traders trimmed their expectations for a September interest rate cut from the Federal Reserve. "Inflation at the producer level is back on the front burner this month and consumers are sure to feel the heat as higher production costs will feed ... (full story)