U.S. producer prices jump 6.5% in May on energy cost surge
The U. S. Bureau of Labor Statistics reported that the producer price index rose 1. 1% in May, lifting the annual wholesale inflation rate to 6. 5%. The rise lifted the yearly inflation figure to 6.
5%. Higher oil prices, linked to the conflict in Iran, were cited as a major factor. The Labor Department later said the index’s month-over-month gain reached 6. 5%, the fastest increase since. The surge was driven largely by a sharp jump in wholesale gasoline prices.
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U.S. Bureau of Labor Statistics
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