Energy spike lifts US producer prices to multi-year high
TL;DR
U.S. producer prices rose 6.5% from a year earlier in May and 1.1% from April, led by a jump in energy costs as wholesale gasoline surged; core PPI rose 0.4% MoM and 4.9% YoY, signaling persistent inflation pressures ahead of the Fed meeting amid energy shocks tied to Middle East tensions.
- US producer prices rose 6.5% in May on higher energy prices, largest yearly jump since November 2022 Yahoo Finance
- US wholesale inflation rose sharply last month as Iran oil shock continues to drive up business costs CNN
- Wholesale prices rose 1.1% in May, more than expected CNBC
- Spot gold at $4,062/oz after U.S. May PPI rises 1.1%, core PPI up 0.4% KITCO
- US Producer Prices Rise at Fastest Pace in More Than Three Years Bloomberg.com
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