Iranian oil shock pushes US wholesale inflation to multi-year high
TL;DR Summary
US wholesale prices rose 1.1% in May, lifting the annual Producer Price Index to 6.5%—the highest in more than three years—driven largely by oil-price spikes tied to Iran. A core PPI rose 0.4% (4.9% annually), and excluding food and energy, the index climbed 0.8% for a four-year high. While wholesale costs don’t always pass directly to consumers, economists say inflationary pressures could continue weighing on households as gas prices stay elevated.
- 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
- US producer prices rose 6.5% in May on higher energy prices, largest yearly jump since November 2022 Yahoo Finance
- 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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