Year-over-year PPI growth came in at over 10 percent for the sixth month in a row. This will put more pressure on the Fed to “do something.”
Original Article: “Wholesale Prices Rise More than 10 Percent, Pointing to Continued Price Hikes”
The US Bureau of Labor Statistics released new Producer Price Index (PPI) data today, and it’s not good news for consumers.
The PPI is a measure of prices at the production phase of goods and services, and is often an indicator of where consumer prices are headed. Prior to 1978, the index was known as the Wholesale Price Index.
This May, year-over-year PPI growth came in at over 10 percent for the sixth month in a row, reaching 10.8 percent. This was a small drop from April’s year-over-year rate of 10.9 percent, but