U.S. businesses faced the sharpest rise in producer prices in more than three years in May, as higher fuel costs tied to the Iran war rippled through the economy and added to broader inflation pressures.
The producer price index rose 1.1% from April to May and climbed 6.5% from a year earlier, the largest annual increase since November 2022, according to data released Thursday by the Bureau of Labor Statistics. Core producer prices, which exclude food and energy, increased 4.9% from a year ago.
