The prices paid to U.S. businesses for goods and services rose at the fastest annual pace in more than three years in May, driven by higher energy costs.
The Department of Labor said its producer price index (PPI) for final demand rose 1.1 percent in May compared with April. The index also rose 1.1 percent in April and 0.7 percent in March. Compared with a year ago, the index was up 6.5 percent, the largest annual increase since November 2022.
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