Economic Buzz: US Producer Prices Jump 1.1% In June

15 Jul 2022 , 09:22 AM

A report released by the Labor Department showed U.S. producer prices increased by more than expected in the month of June. Producer price index for final demand jumped by 1.1 percent in June after climbing by an upwardly revised 0.9 percent in May. The faster than expected producer price growth came as energy prices skyrocketed by 10.0 percent amid an 18.5 percent spike in gasoline prices. The annual rate of producer price growth accelerated to 11.3 percent in June. Compared to the same month a year ago, core producer prices were up by 6.4 percent in June, reflecting a slowdown from the 6.7 percent surge in May. Meanwhile, the report showed prices for services rose by 0.4 percent. Powered by Commodity Insights