US producer inflation ticks up in May after tariff rollout
US
wholesale prices
crept up less than expected in May, government data showed Thursday, as economists monitor the effects of US President Donald Trump's wide-ranging tariffs.
The
producer price index
(PPI) rose 0.1 percent last month, up from a 0.2 percent decline in April, according to Department of Labor figures.
This was boosted by a rebound in services costs, while goods prices also jumped.
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Excluding food, energy and trade services, PPI was up 0.1 percent, reversing a 0.1 percent decline in April.
From a year ago, PPI climbed 2.6 percent, accelerating from April's 2.5 percent rate, the report showed.
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Analysts had expected a 0.2 percent rise between April and May, according to a consensus forecast by Briefing.com.
The numbers came after Trump imposed a sweeping 10 percent levy on most US trading partners in April, and he has also slapped higher duties on imports of steel, aluminum and automobiles.
Economists expect it will take months for retailers to pass on additional costs to customers. The impact on consumer inflation has been muted for now.
Nonetheless, Thursday's report will be scrutinized for any effect it might have on the US central bank's policy meeting next week.
While Federal Reserve officials have begun lowering the benchmark lending rate since the Covid-19 pandemic, policymakers have proceeded cautiously in recent times as they monitor the impact of Trump's tariffs.
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