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NEW YORK (AP) - Faster-than-expected manufacturing growth in April led to rising prices in many raw materials — metals, fuel and corn-based products — fanning worries on Tuesday that inflation would keep the Federal Reserve from lowering interest rates.
The Institute for Supply Management said on Tuesday that its manufacturing index hit the highest rate in 11 months, and that the prices component of the index surged to its steepest since last July.
The manufacturing index registered 54.7 in April, above the March reading of 50.9 and Wall Street's expectation of 51. It was the highest reading since last May's 54.7.
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