BUSINESSWSVN MIAMI
US wholesale inflation rose sharply last month as Iran oil shock continues to drive up business costs
US wholesale inflation, measured by the Producer Price Index (PPI), rose 1.1% in May, pushing the annual rate to 6.5%, the highest since November 2022. The increase is attributed to ongoing business cost pressures from the Iran oil shock, with economists warning of further consumer price hikes as these costs ripple through the supply chain.
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- PPI just hit 6.5%. The last time wholesale inflation was this high, it was late 2022
- Wholesale inflation jumps 6% in April on annual basis, biggest increase since 2022
- Producer prices shot up 6%, adding to pressure on companies to raise prices for customers
- Wholesale inflation surges again and keeps the pressure on businesses and the U.S. economy
- Global wholesale inflation grows amid rising energy costs