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Economic Report: Wholesale inflation surges in May due to higher oil prices, PPI show

Bloomberg News/Landov
Wholesale inflation for goods and services rose sharply in May, but the increase was mostly due to higher oil prices, according to a measure of costs known as PPI. Wholesale costs often give clues on whether inflation is rising or falling.

The numbers: Wholesale costs in the U.S. surged in May against the backdrop of rising oil prices, adding upward pressure on inflation in a steadily growing economy marked by supply bottlenecks and shortages of skilled labor.

The producer price index jumped 0.5% in May, the Labor Department said Wednesday.

About half the increase was due to higher oil prices, which President Trump complained about in an early-morning tweet criticizing OPEC.

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