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Hotel costs holding back U.S. producer prices

2018-05-14 Tag: Hotel costs

Wholesale price growth in the United States barely saw a gain in April after strong increases in the first quarter, Reuters reports, and was held back by a “moderation in the cost of services such as hotel accommodation and health care, which could ease the fears that inflation pressures were rapidly building up.”

The U.S. Department of Labor said on Wednesday producer prices for final demand rose 0.1% last month after a 0.3% increase in March, the news outlet reports. The slowdown, however, is likely temporary because manufacturers have supposedly been paying more for raw materials.

“Services were restrained by a 3.2% drop in the cost of hotel accommodation, which was the biggest decline since September 2009,” Reuters reports.