Wholesale prices up 10.8% in May, near yearly record
Wholesale prices rose at a breakneck pace in May as inflationary pressures mounted on the US economy, the Bureau of Labor Statistics said on Tuesday.
The producer price index, a measure of the prices paid to producers of goods and services, has increased 0.8 percent in the month and 10.8% over the past year. The monthly gain was in line with Dow Jones estimates and more than doubled from the 0.4% pace in April.
Excluding food, energy and trade, the so-called core PPI rose 0.5% on the month, slightly below the 0.6% estimate but up from 0.4% in the month. before. On a year-over-year basis, the underlying index rose 6.8%, matching April’s gain.
The two PPI measures remain near their historic highs – 11.5% for headlines and 7.1% for main, both reached in March.
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