WASHINGTON: The U.S. producer price index rose 0.5 percent in May, the largest monthly increase in nearly three years, the Labor Department reported.
The rise in the PPI was in line with economists’ expectations after the index fell 0.4 percent in April.
Prices for fuel climbed 17 percent, while food prices edged up 0.8 percent, the report said.
Excluding food and energy, the core PPI rose only 0.1 percent in May, after a 0.2 percent decrease the previous month.
The PPI declined 1.1 percent over the 12 months ending May 31, mostly as a result of the fall in energy costs, the Labor Department said.
