The Economic Times

US producer prices rose 6.5% in May on higher energy prices, largest yearly jump since November 2022

American producer prices saw their biggest jump since late 2022. Energy costs soared, impacting inflation significantly. This surge follows the Iran war and the closure of the Strait of Hormuz. Wholesale gasoline prices climbed sharply. Consumer prices also rose, exceeding the Federal Reserve's target. U.S. crude oil inventories are depleting. This situation could affect the refining system.