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US Labor Report Highlights Soaring Energy Prices

ENERGY

US producer prices were driven higher in May by rising energy costs the Labor Department report showed today.

  • The producer price index for final demand rose 0.8% last month after advancing 0.4% in April. A 1.4% jump in the prices of goods accounted for nearly two-thirds of the rise in the PPI. Goods prices, which rose 1.3% in April, were driven by rising costs for energy products.
  • Wholesale gasoline prices rebounded 8.4%, making up 40% of the rise in the costs of goods, after falling 3.0% in April. Jet fuel increased 12% after shooting up 14.8% in April. There were also increases in the cost of residential natural gas, steel mill products and diesel fuel.
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