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US producer prices spike in May as soaring energy prices fuel largest yearly jump since 2022
US producer prices rose 6.5% year-over-year in May 2025, driven by a 23% monthly surge in wholesale gasoline prices linked to the Iran war. Core wholesale prices increased 0.4% monthly and 4.9% annually, with inflation outpacing the Federal Reserve’s 2% target. Energy disruptions from the Strait of Hormuz shutdown threaten to extend supply issues into the third quarter.
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- US producer prices spike in May as soaring energy prices fuel largest yearly jump since 2022
- Inflation surges to highest level in nearly two years as energy costs spike
- Producer prices shot up 6%, adding to pressure on companies to raise prices for customers
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