Partly reflecting a continued spike in energy prices, the US Labor Department released a report on Thursday showing a bigger than expected increase in US producer prices in the month of May.
The Labor Department said its producer price index for final demand shot up by 1.1% in May, matching a downwardly revised jump in April.
Economists had expected producer prices to climb by 0.7% compared to the 1.4% surge originally reported for the previous month.
The report also said the annual rate of producer price growth accelerated to 6.5% in May from 5.7% in April, reaching the fastest rate of growth since November 2022.
