Wholesale inflation climbs 10.8% in May, hovering near 40-year high
Economists expected wholesale inflation to jump 10.9% in May
By Megan Henney
FTA
Wholesale prices accelerated again in May as inflation continued to hover near a 40-year high, the result of strong consumer demand, pandemic-related supply chain snarls and the Russian war in Ukraine.
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 10.8% in May from the previous year. On a monthly basis, prices grew by 0.8%. Although that was slightly lower than the 10.9% forecast from Refinitiv economists, it suggests that inflationary pressures in the economy remain strong.
https://www.foxbusiness.com/economy/wholesale-inflation-climbs-in-may-remaining-near-40-year-high
Good morning, gub.
If we calculated inflation the same way we did 40 years ago, the inflation rate would actually be 17%.
Hope there is light traffic for you on the way in this morning.
Thanks