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 reopen after 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 sizable 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.