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.