THEAMERICANCONSERVATIVE (Joseph Addington) - Wholesale Inflation Reaches Highest Level Since 2022
State of the Union: The rise in costs was driven by the Iran War’s energy shock. The post Wholesale Inflation Reaches Highest Level Since 2022 appeared first on The American Conservative .
The Producer Price Index (PPI) for final demand—which measures prices from the sellers’ perspective—for the previous 12 months hit its highest level in more than three years, according to a report published Thursday by the Bureau of Labor Statistics. PPI in May increased 1.1 percent, for an annual increase of 6.5 percent, the largest 12-month increase since November 2022. May’s PPI increases significantly topped economists’ expectations . Analysts polled by Reuters forecasted an increase of just 0.7 percent. The surge in prices was driven by increased energy costs, which have risen sharply due to the ongoing war in Iran. The closure of the Strait of Hormuz has reduced available energy supplies, creating significant shortages.…Open