By Tom Burnett CFA
On June 14, 2022, the Bureau of Labor Statistics released the Producer Price Index data for the month of May. Prices rose 0.8% in May, following increases of 0.4% in April and 1.6% in March. Producer prices advanced 10.8% in the 12 months ending in May. In May, the Index for Goods rose 1.4%, while the Services Index increased by 0.4%. The bulk of the May increase was derived from the 8.4% increase in gasoline prices.
The Core (excluding food and energy) rate rose 0.5% in May, following an increase of 0.4% in April. The Core Index rose by 6.8% in the year ending in May. The five-month average for the 12-month periods is 6.9%.
The next Report will be issued on July 14, 2022.
Tom Burnett CFA is Director of Research