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Producer Inflation Surges Beyond Forecasts in May
(MENAFN) Producer inflation in the United States climbed more than anticipated in May, marking its highest yearly level since November 2022, according to figures published Thursday by the Bureau of Labor Statistics.
The Producer Price Index (PPI) advanced 1.1% in May, matching April’s pace but accelerating from the 0.7% increase recorded in March. This monthly outcome surpassed market projections of a 0.7% gain.
On a yearly scale, final demand prices rose 6.5% in May, slightly above expectations of 6.4%. This annual headline inflation rate was the strongest since November 2022, when the index registered a 7.4% increase.
Nearly four-fifths of the monthly rise in final demand prices stemmed from a 2.8% escalation in goods, while service prices edged up 0.3%.
The surge in goods was the largest since the series began in December 2009. A significant portion of this growth was fueled by a 10.7% spike in energy costs. Excluding food and energy, goods prices rose 0.8%, while food prices increased 0.6%.
More than half of the goods price escalation was driven by a sharp 23.4% rise in gasoline costs. Additional increases were observed in diesel fuel, jet fuel, plastic resins and materials, industrial chemicals, and natural gas liquids.
The Producer Price Index (PPI) advanced 1.1% in May, matching April’s pace but accelerating from the 0.7% increase recorded in March. This monthly outcome surpassed market projections of a 0.7% gain.
On a yearly scale, final demand prices rose 6.5% in May, slightly above expectations of 6.4%. This annual headline inflation rate was the strongest since November 2022, when the index registered a 7.4% increase.
Nearly four-fifths of the monthly rise in final demand prices stemmed from a 2.8% escalation in goods, while service prices edged up 0.3%.
The surge in goods was the largest since the series began in December 2009. A significant portion of this growth was fueled by a 10.7% spike in energy costs. Excluding food and energy, goods prices rose 0.8%, while food prices increased 0.6%.
More than half of the goods price escalation was driven by a sharp 23.4% rise in gasoline costs. Additional increases were observed in diesel fuel, jet fuel, plastic resins and materials, industrial chemicals, and natural gas liquids.
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