U.S. May Wholesale Prices Rise 6.5% Year-on-Year, Largest Increase Since November 2022

The U.S. Department of Labor's Bureau of Labor Statistics announced on the 13th (local time) that the Producer Price Index (PPI) for May rose 6.5% compared to the same period last year.

This marks the highest increase in three years and six months since November 2022 (7.4%).

The month-on-month increase was 1.1%, matching the revised figure from April and significantly exceeding the 0.7% forecast by experts surveyed by Dow Jones.

The core PPI, which excludes volatile energy, food, and trade prices, rose 0.8% month-on-month and 5.1% year-on-year.

The PPI that includes trade prices but excludes only energy and food prices rose 0.4% month-on-month and 4.9% year-on-year, respectively.

Producer prices, also known as wholesale prices, are considered a leading indicator of consumer prices, as they are reflected in the prices of final consumer goods with a certain time lag.

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