Wholesale prices jumped a staggering 10.8% in May according to new data released by the Federal Government, raising even more fears over red-hot inflation and an impending recession.
Wholesale prices rose at a brisk pace in May as inflation pressures mounted on the U.S. economy, the Bureau of Labor Statistics reported Tuesday.
The producer price index, a measure of the prices paid to producers of goods and services, rose 0.8% for the month and 10.8% over the past year. The monthly rise was in line with Dow Jones estimates and a doubling of the 0.4% pace in April.
Excluding food, energy and trade, so-called core PPI rose 0.5% on the month, slightly below the 0.6% estimate but an increase from the 0.4% reading in the previous month. On a year-over-year basis, the core measure was up 6.8%, matching April’s gain.
The two PPI measures remained near their historic highs — 11.5% for headline, and 7.1% for core, both hit in March.
This is a developing story. Check back for updates.