May US producer prices soared 10.8 % as energy prices jumped
Source: Associated Press
May US producer prices soared 10.8 % as energy prices jumped
By CHRISTOPHER RUGABER
19 minutes ago
WASHINGTON (AP) -- U.S. producer prices surged 10.8% in May from a year earlier, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing.
Thursday's report from the Labor Department showed that the producer price index -- which measures inflation before it reaches consumers -- rose at slightly slower pace last month than in April, when it jumped 10.9% from a year earlier, and is down from an 11.5% yearly gain in March.
On a monthly basis, producer prices climbed 0.8% in May from April, above the previous month, when they increased 0.4%.
The figures indicate that rising prices will continue to erode Americans' paychecks and play havoc with household budgets in the coming months. Inflation has created major political headaches for President Joe Biden and congressional Democrats and has forced the Federal Reserve into a series of rapid interest rate hikes intended to slow the economy and cool price increases.
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Read more: https://apnews.com/article/biden-business-economy-prices-inflation-7d2fd525cb5ff2470856d771ec110bde
The increase is on an annualized basis.
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PPI for final demand advances 0.8% in May; goods rise 1.4%, services increase 0.4%
https://www.bls.gov/news.release/ppi.nr0.htm
Economic News Release USDL 22-1174
Producer Price Index News Release summary
Transmission of material in this release is embargoed until 8:30 a.m. (ET), Tuesday, June 14, 2022
Technical information: (202) 691-7705 * ppi-info@bls.gov * www.bls.gov/ppi
Media contact: (202) 691-5902 * PressOffice@bls.gov
PRODUCER PRICE INDEXES - MAY 2022
The Producer Price Index for final demand increased 0.8 percent in May, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This rise followed advances of 0.4 percent in April and 1.6 percent in March. (See table A.) On an unadjusted basis, final demand prices moved up 10.8 percent for the 12 months ended in May.
In May, nearly two-thirds of the rise in the index for final demand was due to a 1.4-percent advance in prices for final demand goods. The index for final demand services increased 0.4 percent.
Prices for final demand less foods, energy, and trade services moved up 0.5 percent in May after increasing 0.4 percent in April. For the 12 months ended in May, the index for final demand less foods, energy, and trade services rose 6.8 percent.
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The Producer Price Index for June 2022 is scheduled to be released on Thursday, July 14, 2022, at 8:30 a.m. (ET).
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The floggings will continue until morale improves.
