US Producer Prices Rise at Fastest Pace Since November 2022 (5)

US producer prices rose in May at the fastest pace in more than three years as the fallout from the Iran war continued to fan inflation pressures.

The producer price index increased 6.5% from a year earlier, the most since November 2022, according to Bureau of Labor Statistics data out Thursday. It advanced 1.1% from April.

A core measure of prices that excludes food and energy increased 4.9% from a year earlier.

The report highlights the rising toll the energy-price shock from the closure of the Strait of Hormuz is taking on the US economy. With ...