Producer prices in the United States have now climbed at their quickest yearly rate in more than a decade, the Labor Department said in its monthly report Tuesday.
Over the past 12 months ending in May, prices were up close to 7%, the department said in its Producer Price Index. That marks the greatest 12-month rise since late 2010.
The index showed prices rose by 0.8% in May and inflation continues to grow across the U.S. economy.
Prices for the core index — which excludes the more volatile food, energy and trade services sectors — increased 0.7% last month. The core index over the past 12 months was up 5.3%, its largest increase over that time since 2014.
Increases in prices for goods like grains, oilseeds, beef and veal and nonferrous metals led the surge in prices last month, the department said.
The increase in May topped most analysts’ expectations.
Inflation for goods in the United States rose by 1.5% in May and 0.6% for services, according to the index.
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