Wholesale prices rise 1.1% in May, exceeding expectations as energy costs surge
By
Jeff Cox
FeedBagel synthesis
· 2 sourcesWholesale prices in the U.S. rose 1.1% in May, matching April's increase and exceeding the 0.7% forecast, according to the Bureau of Labor Statistics. The Producer Price Index (PPI) was driven by a surge in energy costs, with the 12-month wholesale inflation rate reaching 6.5%, the highest since November 2022, as reported by bsky. Core PPI, which excludes food and energy, increased 0.4%, indicating ongoing pipeline inflationary pressures in the economy.
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Summary
The Producer Price Index (PPI) rose 1.1% in May, exceeding the 0.7% forecast, driven by a surge in energy costs. The 12-month wholesale inflation rate reached 6.5%, the highest since November 2022. Core PPI (excluding food and energy) increased 0.4%. The data indicates ongoing pipeline inflationary pressures in the U.S. economy.
Key quotes
· 5 pulledWholesale prices rose more than expected in May, indicating that pipeline inflationary pressures are percolating higher, the Bureau of Labor Statistics reported Thursday.
The producer price index, a measure of final demand costs, increased a seasonally adjusted 1.1% on the month, putting the 12-month wholesale inflation rate at 6.5%.
Economists surveyed by Dow Jones had been looking for a monthly move of 0.7%.
The annual headline inflation rate was the highest since November 2022.
However, excluding food and energy, so-called core PPI accelerated 0.4%.
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