Rising Fuel Pushes Up U.S. Producer Prices for Second Month
- Biggest jump in energy costs since May 2015 propels gain
- Excluding food, energy and trade services, prices decline 0.1%
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The rebound in fuel costs pushed up U.S. wholesale prices in May for a second month, overshadowing a drop in pricing power more broadly that signals inflation will take time to move toward the Federal Reserve’s goal.
The producer-price index gained 0.4 percent, more than forecast, after a 0.2 percent increase the prior month, a Labor Department report showed Wednesday in Washington. Excluding volatile components such as food, energy and trade services, prices declined for the first time in seven months.