2 days ago
US producer inflation ticks up in May after tariff rollout
US wholesale prices experienced a slight increase in May, according to government data released on Thursday. The producer price index rose by 0.1 percent, driven by a rebound in services costs and a jump in goods prices.
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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 producer price index (PPI) rose 0.1 percent last month, up from a 0.2 percent decline in April, according to Department of Labor was boosted by a rebound in services costs, while goods prices also food, energy and trade services, PPI was up 0.1 percent, reversing a 0.1 percent decline in a year ago, PPI climbed 2.6 percent, accelerating from April's 2.5 percent rate, the report had expected a 0.2 percent rise between April and May, according to a consensus forecast by 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 expect it will take months for retailers to pass on additional costs to customers. The impact on consumer inflation has been muted for Thursday's report will be scrutinized for any effect it might have on the US central bank's policy meeting next 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.
