“The Producer Price Index for final demand rose 1.1 percent in May, seasonally adjusted, the US Bureau of Labor Statistics reported today. Final demand prices advanced 1.1 percent in April and 0.7 percent in March. On an unadjusted basis, the index for final demand increased 6.5 percent for the 12 months ended in May, the largest 12-month rise since moving up 7.4 percent in November 2022.”
“Nearly 80 percent of the May advance in demand prices is attributable to a 2.8-percent increase in the index for final demand goods. Prices for final demand services moved up 0.3 percent. The index for final demand less foods, energy, and trade services rose 0.8 percent in May, the largest advance since increasing 0.9 percent in March 2022. For the 12 months ended in May, prices for final demand less foods, energy, and trade services moved up 5.1 percent, the largest 12-month rise since jumping 5.5 percent in October 2022,” says the US Bureau of Labor Statistics’ monthly Producer Price Index summary which, per CNBC, crushed expectations of just 0.7 percent in a Dow Jones survey.