Producer Prices Spike 10.8% in Past Year as Inflation Soars
"Joe Biden's self-made inflation crisis is destroying the nation" U.S. Sen. Rick Scott, R-Fla.
The price of producer goods and services spiked by 10.8% over the past year driven in part by higher gas prices , according to new federal data.
The U.S. Bureau of Labor Statistics Tuesday released producer price index data which showed the PPI increased by 0.8% in May, up from a 0.4% increase in April, and preceded by 1.6% in March.
The PPI report shows that almost half of the increase in prices for final demand goods in May results from an 8.4% increase in the index for gasoline, with the national average sitting at a record high $5.02 per gallon of regular gas.
"In May, nearly two-thirds of the rise in the index for final demand was due to a 1.4-percent advance in prices for final demand goods. The index for final demand services increased 0.4 percent," BLS said. "Over 70 percent of the increase in May can be traced to a 5.0-percent advance in prices...