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U.S. PPI Edged Down to 10.8% in May

Economic Indicators Jun 14, 2022 23:04
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© Reuters

By Geoffrey Smith

Investing.com -- U.S. producer prices rose by less than expected in May, but the fall in pipeline inflation pressures was barely enough to longer-term worries about the cost of living.

Overall producer prices rose 0.8% from April, but the core PPI index that strips out more volatile elements of the index rose by 0.5% rather than the 0.6% forecast. In addition, March's increases were revised down to 0.4% from 0.5% for the overall index and to 0.2% from 0.4% for the core index.

As a result, the annual rate of factory gate inflation eased fractionally to 10.8% from a downwardly revised 10.9% in March.

Any downside surprise in measures of inflation is likely to be greeted with relief by markets after last week's big upside surprise in consumer prices, which has sent bond and stock prices tumbling in anticipation of tighter monetary policy from the Federal Reserve. However, the downward revisions do little to change an overall arc for inflation that is still far in excess of what consumers or central banks will tolerate in the medium term.

U.S. PPI Edged Down to 10.8% in May
 

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