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Wholesale inflation surges in May due to higher oil prices, PPI shows

“Wholesale costs rose at a yearly rate of 3.1% in May, marking the highest level since early 2012” writes Jeffry Bartash for The numbers: Wholesale costs in the U.S. surged in May against the backdrop of rising oil prices, adding upward pressure on inflation in a steadily growing economy marked by supply bottlenecks and shortages of skilled labor.About half the increase was due to higher oil prices, which President Trump complained about in an early-morning tweet criticizing OPEC. So-called core producer prices that exclude food, energy and trade rose a much smaller 0.1% last month.The increase in the core rate over the past 12 months edged up to 2.6% from 2.5%.

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