US producer prices rise amid Middle East conflict
US producer prices rose more than expected during May, recording their largest annual jump in three and a half years, as geopolitical tensions in the Middle East pressured energy costs.
The US Department of Labor's Bureau of Labor Statistics reported on Thursday that the core Producer Price Index (excluding food, energy, and trade services) recorded its largest monthly gain since March 2022, while the annual increase hit its highest level since October 2022.
|
Index |
Forecast |
April |
May |
|
Annual Core Inflation |
- |
4.4% |
5.1% |
|
Monthly Core Inflation |
0.4% |
0.7% |
0.8% |
|
Annual Headline Inflation |
_ |
5.7% |
6.5% |
|
Monthly Headline Inflation |
0.7% |
1.1% |
1.1% |
The gap between headline and core inflation indicates that the massive jump in fuel and energy prices is the primary driver of the current inflationary burden, rather than a broad-based acceleration in core production costs across all sectors.
Energy prices led the scene with a 10.7% increase, as a 23.4% surge in gasoline accounted for more than half of the total increase in goods prices.
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