Producer prices rose above expectations in May, marking their biggest 12-month increase on record and reinforcing broader inflation concerns as higher production costs tend to filter down to consumers.
According to a Labor Department release (pdf), for the 12 months ending in May the producer price index (PPI) surged by 6.6 percent, the highest number in the history of the series, which dates back to 2010. Economists polled by Investing.com were expecting a 6.3 percent rise in the PPI final demand measure.
