Super unleaded gasoline is sold at a price of $5.49 dollars per gallon at Global Gas Station on May 27, in New York City. More than half of May's increase in final demand product prices stems from a more than 23% increase in the gasoline index. Photo by John Angelillo/UPI | License Photo
June 11 (UPI) -- The producer price index for final demand services and products increased by 1.1% in May, pushing annual wholesale inflation to 6.5%, the Bureau of Labor Statistics reported Thursday.
Almost 80% of May's wholesale inflation surge comes from the 2.8% increase in the final demand goods index. The increase in the index for final demand goods was the largest since the bureau began collecting data in 2009.
More than half of the increase in final demand products stems from a more than 23% increase in the gasoline index. Other fuels, including diesel and jet fuel, also increased in price.
The rate of inflation surpassed the Dow Jones consensus estimate which had monthly inflation increasing by 0.7%. The headline inflation rate for the year ending in May is the highest mark since November 2022.
