Shoppers carry Ross bags in San Francisco, California, US, on Wednesday, June 10, 2026.
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Wholesale prices rose more than expected in May, indicating that pipeline inflationary pressures are percolating higher, the Bureau of Labor Statistics reported Thursday.
The producer price index, a measure of final demand costs, increased a seasonally adjusted 1.1% on the month, putting the 12-month wholesale inflation rate at 6.5%. Economists surveyed by Dow Jones had been looking for a monthly move of 0.7%.
The annual headline inflation rate was the highest since November 2022. The monthly gain matched the April increase.
However, excluding food and energy, so-called core PPI accelerated 0.4%, compared to the consensus view of 0.5%, indicating that rising fuel prices are causing much of the inflationary burden.
Taking out food, energy and trade services, PPI accelerated 0.8%, the biggest one-month move since March 2022. On a 12-month basis, the core excluding trade services rose 5.1%, the most since October 2022.
Most of the acceleration in the PPI — nearly 80% — came from a 2.8% surge in final demand goods prices, the biggest increase ever in a data series going back to December 2009. In turn, 80% of that increase came from a 10.7% jump in energy.
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