Economics
US Producer Prices Rise at a Brisk Pace, Adding to Fed Pressure
- Two thirds of jump due to goods prices, especially energy
- Fed increasingly seen hiking by 75 basis points this week
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Prices paid to US producers surged in May, underscoring persistent inflationary pressures across the economy that are likely to keep the Federal Reserve aggressively raising interest rates.
The producer price index for final demand increased 0.8% from April and 10.8% from a year earlier, Labor Department data showed Tuesday. That followed a 0.4% advance in the prior month.