Producer prices surge 6.6% annually, most on record

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Fox Business

Producer prices rose in May by the most on record as the reopening of the U.S. economy from COVID-19 lockdowns gathered momentum.

The producer price index for final demand last month increased at a 6.6% annual pace, quickening from last month’s 6.2% gain, the Labor Department said. The annual reading for May was the hottest since recordkeeping began in November 2010.     

The annual data has a "base effects" skew as a result of the price decline that occurred at the beginning of the pandemic.