After yesterday’s report showing the biggest increase in U.S. consumer prices in thirteen years, the Labor Department released a report on Wednesday showing U.S. producer prices also jumped by much more than expected in the month of June.
The Labor Department said its producer price index for final demand surged up by 1.0 percent in June after climbing by 0.8 percent in May. Economists had expected producer prices to rise by 0.6 percent.
Excluding prices for food, energy, and trade services, core producer prices increased by 0.5 percent in June following a 0.7 percent advance in the previous month.
The report also showed the annual rate of producer price growth accelerated to 7.3 percent in June from 6.6 percent in May, reaching the highest level since 12-month data were first calculated in November of 2010.
Core producer prices were up by 5.5 percent year-over-year in June, reflecting an uptick from the 5.3 percent jump in May.
The annual surge in core prices also reflects the largest advance since 12-month data were first calculated in August of 2014.