Wholesale prices rose 10.8% in May – this is close to a record high. The previous record, 11.5% was set earlier this year.
Wholesale prices rose at a brisk pace in May as inflation pressures mounted on the U.S. economy, the Bureau of Labor Statistics reported Tuesday.
The producer price index, a measure of the prices paid to producers of goods and services, rose 0.8% for the month and 10.8% over the past year. The monthly rise was in line with Dow Jones estimates and a doubling of the 0.4% pace in April.
Excluding food, energy and trade, so-called core PPI rose 0.5% on the month, slightly below the 0.6% estimate but an increase from the 0.4% reading in the previous month. On a year-over-year basis, the core measure was up 6.8%, matching April’s gain.
The two PPI measures remained near their historic highs — 11.5% for headline, and 7.1% for core, both hit in March.
The American people will continue to suffer.
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.
Rather than pressuring the Biden administration on this, the media is pushing conspiracy theories about Donald Trump and his supporters.
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