The producer price index tracking wholesale inflation increased at a slower pace in April but remained elevated. 

The 4-decade high wholesale inflation feeds into record consumer prices as manufacturers pass higher prices to retailers.  

The producer price index in April rose 0.5% from March and jumped a whopping 11% from a year ago but cooled from 11.5% increase in March. 

Core rate of wholesale price which excludes food, energy and trade services rose 0.6% in April and jumped 6.9% from a year ago but fell from 0.9% and annual rate of 7.1% in March.  

The wholesale price index showed that the inflation is broad-based. 

The index for final demand for services in April was unchanged from the previous month after increasing at 1.2% in March. 

The report follows the consumer price index report on Wednesday showing easing of inflation to 8.3% in April from 8.5% in March but stayed elevated near a 4-decade high.