Pain ahead: Inflation spiked to 6.5% in May in producer index, highest since 2022

Inflation, as measured by the producer price index, soared eight tenths of a percentage point to 6.5% for the year ending in May, the Bureau of Labor Statistics reported Thursday, driven by higher energy costs from the war in Iran.

The inflation rate was the highest since November of 2022, when inflation spiked under President […]