FX.co ★ US Core PPI Accelerates to 4.4% in April, Highlighting Persistent Pipeline Inflation

Core producer prices in the United States, excluding food, energy and transport, rose 4.4% year-over-year in April 2026, up from 3.6% in March, signaling a renewed pickup in underlying pipeline inflation. The data, updated on 13 May 2026, compare price changes in April 2026 with those in April 2025, consistent with the year-over-year methodology used for the series.

The acceleration from March’s 3.6% pace suggests that core input costs for businesses are rising more quickly, even after stripping out the most volatile components. Because producer prices often feed through to consumer prices with a lag, the stronger April reading may raise concerns that inflationary pressures could remain sticky further along the supply chain.

The move higher in core PPI ex. food, energy and transport will likely draw attention from policymakers and markets alike, as it challenges hopes for a smooth disinflation path and may complicate expectations around the timing and pace of any future shifts in U.S. monetary policy.