US Producer Prices Jump 1.1% in May as Iran War Drives Oil-Led Inflation
Updated
Updated · Media Matters for America · Jun 15
US Producer Prices Jump 1.1% in May as Iran War Drives Oil-Led Inflation
3 articles · Updated · Media Matters for America · Jun 15
Summary
May producer prices rose 1.1% from April, matching April’s 1.1% gain and marking the fastest year-over-year increase since the Biden administration.
Oil-price shock from the Iran war was cited as the main driver, with higher energy costs now spreading through supply chains and lifting prices beyond fuel alone.
Two straight 1.1% monthly increases translate to an annualized pace above 13%, while the March-to-May period since the war began also points to double-digit annualized inflation.
The surge suggests war-related inflation pressures are overwhelming other economic tailwinds the administration had relied on, raising the risk of broader price strain ahead.