U.S. wholesale prices rose modestly last month from a year earlier, another sign that inflationary pressures remain mild.
The Labor Department reported Thursday that its producer price index—which measures inflation before it reaches consumers—was up 2.6% in May from a year ago. Producer prices rose 0.1% from April to May after dropping 0.2% the month before.
Excluding volatile food and energy prices, wholesale costs were up 0.1% from April and 3% from May 2024.
The readings were slightly lower than economists had forecast.
Wholesale energy prices were unchanged, although gasoline prices rose 1.6% from April after falling the month before. Food prices at the wholesale level ticked up 0.1% after dropping 0.9% in April. Egg prices, volatile because of the bird flu, rose 1.4% following a 39.3% drop in April; they are up 125% from May 2024.
The report came out a day after the Labor Department said that consumer prices rose a modest 0.1% last month from April and 2.4% from a year earlier.
