06/14/2022

U.S. Producer Prices Increase Strongly in May

Risks of the economy stagnating next year are growing

U.S. producer prices increased solidly in May amid a surge in the cost of energy products, suggesting inflation could remain elevated for a while.

The producer price index for final demand rose 0.8 percent last month after advancing 0.4 percent in April, the Labor Department said on Tuesday. In the 12 months through May, the PPI increased 10.8 percent after accelerating 10.9 percent in April.

Economists polled by Reuters had forecast the PPI gaining 0.8 percent and climbing 10.9 percent year-on-year.

Please select this link to read the complete article from Reuters.