The White House as seen in Washington D.C., the United States, on May 21, 2020
The White House as seen in Washington D.C., the United States, on May 21, 2020
Photo: Xinhua

Wholesale prices, boosted by rising food costs, increased 0.8 per cent in May, and are up by a record amount over the past year, another indication that inflation pressures are rising since the economy has begun to re-open following the pandemic lockdowns.

The Labour Department reported Tuesday that the monthly gain in its producer price index, which measures inflation pressures before they reach consumers, followed a 0.6% increase in April and a 1 per cent jump in March. Food prices rose a sizabel 2.6 per cent while energy costs were up 2.2 per cent.

Over the past 12 months, wholesale prices are up 6.6 per cent, the largest 12-month increase on records going back to 2010.

The gain in wholesale prices followed a report last week that consumer prices rose 0.6 per cent in May with prices over the past year surging by 5 per cent, the biggest 12-month gain in more than a decade.

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