May Producer Price Index Soars to 10.8% as Energy Costs Reach Daily Record Highs

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US Producer Price Index rose 0.8% in May from a month earlier. In April the PPI climbed 0.4%. The number indicates the price cruch consumers are facing under the Joe Biden economy.

The cost of gas at the pump rose 55 cents in May to reach new highs almost every day of the month.

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Via The AP.

Tuesday’s report from the Labor Department showed that the producer price index — which measures inflation before it reaches consumers — rose at slightly slower pace last month than in April, when it jumped 10.9% from a year earlier, and is down from an 11.5% yearly gain in March.

On a monthly basis, producer prices climbed 0.8% in May from April, above the previous month, when they increased 0.4%.

Energy prices, led by gas, rose 5% just in May from April. Another big driver of the price gains last month was a sharp 2.9% increase in the cost of truck freight hauling, a sign that supply chain problems still aren’t fully resolved. Food costs were unchanged.

US News reported:

U.S. producer prices surged 10.8% in May from a year earlier, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing…

…On a monthly basis, producer prices climbed 0.8% in May from April, above the previous month, when they increased 0.4%.

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.

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