Wholesale prices jump 1.1% in May, sending annual PPI to 6.5% and tightening Fed outlook
The Bureau of Labor Statistics reported a 1.1% month‑over‑month rise in the producer price index for May, the biggest jump since April and well above the 0.7% forecast. The 12‑month wholesale inflation rate hit 6.5%, the highest since late 2022, bolstering expectations that the Fed will keep rates on hold before a possible hike later this year.