Wholesale Prices Rise 0.2% in May
Written on June 16, 2011 by Maragaret Harrison
Producer prices rose more than expected in May but the pace of increases eased from prior months as the climb in energy costs slowed, according a report on Tuesday.
The Labor Department said producer prices climbed 0.2 percent, double what analyst forecasts in a Reuters poll but down from April’s 0.8 percent increase. Compared to a year earlier, prices surged 7.3 percent, the largest rise since September 2008, just as the financial crisis took a turn for the worse and dragged prices lower globally.
Excluding food and energy, wholesale prices jumped 0.2 percent, while year-on-year core inflation remained at 2.1 percent, its highest since August 2009.
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