US producer prices increase more than expected in May amid jump in energy costs

U.S. producer prices rose more than expected in May, producing the largest year-over-year gain in 3-1/2 years. The increase was driven in part by higher energy costs tied to the Middle East conflict, adding to inflation pressure and reinforcing a risk-off macro backdrop.

Analysis

U.S. producer prices rose more than expected in May, producing the largest year-over-year gain in 3-1/2 years. The increase was driven in part by higher energy costs tied to the Middle East conflict, adding to inflation pressure and reinforcing a risk-off macro backdrop.