U.S. Producer Prices Jump More Than Expected In May
(RTTNews) - Partly reflecting a continued spike in energy prices, the Labor Department released a report on Thursday showing a bigger than expected increase in U.S. producer prices in the month of May.
The Labor Department said its producer price index for final demand shot up by 1.1 percent in May, matching a downwardly revised jump in April.
Economists had expected producer prices to climb by 0.7 percent compared to the 1.4 percent surge originally reported for the previous month.
The report also said the annual rate of producer price growth accelerated to 6.5 percent in May from 5.7 percent in April, reaching the fastest rate of growth since November 2022.
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