Producer prices in the U.S. increased by more than expected in the month of April, according to a report released by the Labor Department on Tuesday.

The Labor Department said its producer price index for final demand climbed by 0.5 percent in April after a revised 0.1 percent dip in March.

Economists had expected producer prices to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.

Prices for services led the way higher, advancing by 0.6 percent in April after edging down by 0.1 percent in March and showing the biggest increase since July 2023.

The report also said the annual rate of producer price growth accelerated to 2.2 percent in April from a downwardly revised 1.8 percent in March.

Economists had expected the year-over-year producer price growth to inch up to 2.2 percent from the 2.1 percent originally reported for the previous month.

Federal Reserve Board Governor Lisa Cook is due to speak on growth and change at community development financial institutions at “Expanding Access to Capital for CDFIs” hosted by the Federal Reserve Bank of New York at 9:15 am ET.

At 10 am ET, Federal Reserve Chair Jerome Powell is scheduled to participate in a moderated discussion with De Nederlandsche Bank (DNB) President Klaas Knot at the annual general meeting of the Foreign Bankers’ Association.

Kansas City Federal Reserve President Jeffrey Schmid is due to speak at an Agricultural Economic Summit hosted by Kansas City Fed at 8:15 pm ET.