A record rise in US wholesale prices over the past year

A record rise in US wholesale prices over the past year

Wholesale prices, boosted by rising food costs, increased 0.8% in May, and are up by a record amount over the past year, another indication that inflation pressures are rising since the economy has begun to re-open following the pandemic lockdowns

By MARTIN CRUTSINGER AP Economics Writer

June 15, 2021, 12:41 PM

• 1 min read

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WASHINGTON -- Wholesale prices, boosted by rising food costs, increased 0.8% in May, and are up by a record amount over the past year, another indication that inflation pressures are rising since the economy has begun to re-open following the pandemic lockdowns.

The Labor Department reported Tuesday that the monthly gain in its producer price index, which measures inflation pressures before they reach consumers, followed a 0.6% increase in April and a 1% jump in March. Food prices rose a sizabel 2.6% while energy costs were up 2.2%.

Over the past 12 months, wholesale prices are up 6.6%, the largest 12-month increase on records going back to 2010.

The gain in wholesale prices followed a report last week that consumer prices rose 0.6% in May with prices over the past year surging by 5%, the biggest 12-month gain in more than a decade.

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