Producer Price Goods Index Soars by 1.6% in May

The advance, in the part of the Producer Price Index attributable to prices for goods,
 climbed 1.6 percent in May. That's an annualized rate of 19.2 percent!

Beef prices at the producer level increased from April to May by 69.1 percent.

Massive price inflation is brewing right under the surface.

Overall, the Producer Price index climbed by 0.4 percent in May, an annualized rate of 4.8%.

The overall index was dragged down by producer services which fell 0.2 percent.

The services sector decline can be attributed to the continued lockdown and panic impacting areas. Arrangement of cruises and tours, for example, fell 18.2 percent in May.

-RW