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 a growing shortages of skilled labor.
The producer price index jumped 0.5% in May, the Labor Department said Wednesday.
Most of 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.
Wholesale costs rose at a yearly rate of 3.1% in May, marking the highest level since early 2012.
The increase in the core rate over the past 12 months edged up to 2.6% from 2.5%.