The index is a key inflation gauge for business and vendors before the higher prices ultimately trickle down to consumers.
Thursday's report said that prices increased for new vehicles, diesel fuel and natural gas -- while the index for gasoline declined by more than 3%.
Prices for goods in the United States have risen at a steady pace over the past year, due to a number of factors. Consumer inflation has been running at 40-year highs in recent months and the Labor Department said on Wednesday that its consumer index was up by 8.3% year-to-year in April.
Traders work on the floor of the New York Stock Exchange on Wall Street in New York City on Monday. Rising inflation has been significantly affected this year by energy and food prices. Photo by John Angelillo/UPI
The Fed is expected to raise rates even further at its next policy meetings this summer.
Raising interest rates -- and thereby slowing consumer spending -- is a traditional method to control inflation. The Federal Reserve considers the economy healthy when inflation is running at around 2%.
Apart from energy, another product that has significant influence on inflation is food. The department said in its report Thursday that wholesale food prices rose by 1.5% in April.
"You see prices at the grocery store have gone up and the prices farmers receive have gone down," he said during a visit near Chicago. "Capitalism without competition is not capitalism. It's exploitation."