Wholesale inflation hits 6.5% in May, driven by energy price surge
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Summary
The Producer Price Index (PPI) for wholesale inflation reached 6.5% in May, marking the highest level since 2022. Energy prices were the primary driver of this increase, with gasoline surging 23.4%. Final demand goods recorded their largest monthly increase on record, indicating significant inflationary pressure at the wholesale level.
Key quotes
· 3 pulledPPI wholesale inflation hit 6.5% in May, highest since 2022
Energy prices drove the bulk of the gain
Gasoline surging 23.4% and final demand goods posting their largest monthly increase on record
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