US Producer Inflation Jumps to 6.5% in May, Highest Since November 2022
The U.S. Producer Price Index rose 6.5% year-over-year in May, accelerating from 5.7% in April and hitting the highest level since November 2022, according to the Bureau of Labor Statistics.
The U.S. Bureau of Labor Statistics reported that the Producer Price Index (PPI) increased 6.5% year-over-year in May, up from 5.7% in April. This is the highest reading since November 2022.
The data points to persistent inflationary pressures at the wholesale level, which may influence future Federal Reserve policy decisions on interest rates.
Source: FXStreet Forex News