The Producer Price Index (PPI) rose by 1.1% in May.
I don't mean that it rose by a 1.2% annualized rate, I mean that the price numbers went up by 1.1% in a single month. The same thing happened in April, so this is not a 1 month blip, and the 12 month PPI is up 6.5%.
Prices charged by American producers continued to charge higher in May, the Labor Department said Thursday, marking another month of elevated wholesale inflation.
The producer-price index rose by 1.1% last month, following an equal increase in April. Analysts polled by The Wall Street Journal were expecting a 0.7% increase.
Over the past 12 months, the PPI is up by 6.5%, the fastest wholesale inflation since 2022.
Energy prices explained a good deal of the elevated trend, rising by more than 10% in May alone. But even excluding food, energy and trade-services categories, wholesale prices were up by 0.8%, a rapid one-month increase.
The Fed is going to raise rates this week.
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