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U.S. producer prices climbed last month at the fastest pace since November 2022, fueled by a surge in energy prices after the start of the Iran war.
The Labor Department reported Thursday that its producer price index — which captures inflation before it reaches consumers — jumped 6.5% from May 2025. It rose 1.1% from April, as it did the previous month. Wholesale gasoline prices surged by more than 23% from April to May, and nearly 70% from a year earlier.
The wholesale inflation numbers came out a day after the Labor Department reported that consumer prices rose 4.2% in May from a year earlier, most in three years. Gasoline prices were up nearly 41% from May 2025. Airfares were up almost 27%.
Inflation is running well ahead of the Federal Reserve’s 2% target. The central bank is expected to leave its benchmark interest rate unchanged as its meeting next week. But financial markets expect the Fed could raise rates by the end of the year in an effort to curb price increases.
U.S. applications for jobless aid rose modestly last week, but remain at a historically low level despite economic headwinds brought on by the war in Iran.
The number of Americans filing for unemployment aid for the week ending June 6 rose by 4,000 to 229,000, the Labor Department reported Thursday. That’s the most since early February, before the U.S. and Israel launched attacks on Iran, but still considered a healthy level. It’s also more than the 216,000 new applications forecast by analysts surveyed by the data firm FactSet.
Among the companies that have cut jobs recently are Verizon, UPS, Amazon, Disney, Starbucks and Walmart.
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