BLS: PPI Jumps 6.5% Y-o-Y in May Amid Goods' Price Surge


   
   SECAUCUS, NJ (DTN) -- U.S. wholesale prices jumped 6.5% for the 12 months 
ended in May as inflationary pressures intensified, the U.S. Bureau of Labor 
Statistics (BLS) reported Thursday. The sharp annual increase marks the fastest 
pace of wholesale inflation since a 7.4% surge in November 2022.

   On a monthly basis, the Producer Price Index (PPI) for final demand rose 
1.1% in May, following a 1.4% jump in April. Nearly 80% of the May increase 
came from a 2.8% spike in the cost of raw goods.

   That surge in goods prices represents the largest single-month increase 
since tracking began in December 2009, fueled by a 10.7% leap in energy costs. 
Meanwhile, prices for commercial services slowed significantly, moving up just 
0.3% during the month.

   Over half of the monthly jump in goods was driven by a 23.4% spike in 
gasoline prices. Wholesale diesel fuel and jet fuel costs also moved higher 
during the month, BLS said.

   Core wholesale prices, which strip out volatile food, energy, and trade 
services, climbed 0.8% in May after a 0.6% rise in April. On a 12-month basis, 
core PPI increased 5.1%, the largest annual gain since October 2022.




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