U.S. producer prices unexpectedly fell in April as the cost of services declined by the most since 2009, pulled down by ebbing demand for air travel and hotel accommodation.

US wholesale prices fell the most in five years in April, with a historic drop in gauges measuring profit margins suggesting businesses have so far refrained from passing along the cost of higher tariffs.

Prices paid to US producers unexpectedly declined in April by the most in five years, largely reflecting a slump in margins, suggesting companies are absorbing some of the hit from higher tariffs.