Wholesale prices see biggest spike since 2022 as energy costs climb

TL;DR

Inflation for U.S. businesses reached its highest point since November 2022 in May.
The Producer Price Index (PPI) rose 6.5% year-over-year and 1.1% month-over-month in May.
Higher energy prices, influenced by the Iran war, are a primary driver of this inflation.
The hotter-than-expected PPI follows a significant increase in the Consumer Price Index (CPI).
Resurgent inflation is likely to keep the Federal Reserve from cutting interest rates, potentially leading to hikes.
Wholesale gasoline prices saw a significant increase in May.
Core wholesale prices (excluding food and energy) also rose, indicating broader inflationary pressures.
Wholesale prices can foreshadow consumer inflation and influence the Fed's PCE index.

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