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Year over year wholesale inflation pulls back to +5.5%, 100 bps lower than last month's initial print.
Spot gold prices are modestly higher and spot silver prices are weaker ahead of the North American market open Wednesday, as a softer U.S. inflation mix supported precious metals while renewed Strait of Hormuz tension kept crude oil prices and Treasury yields elevated.
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The U.S. economy faced intensifying headwinds in May as both consumer and wholesale inflation metrics surged to multi-year highs. Driven largely by accelerating energy and supply chain costs, these dual jumps signal persistent upward price pressures that threaten to keep household expenses elevated.
May Headline PPI Data Highest Since November 2022.
New wholesale inflation numbers have reached their highest levels since March and November of 2022, respectively.
The gold market is approaching its earlier lows after the latest data shows U.S. producers saw mixed price pressures last month.The headline Producer Price Index (PPI) rose 1.1% in May, following April's downwardly revised 1.1% rise, the U.S. Labor Department announced on Thursday. The latest inflation data was higher than expectations, as economists looked for a 0.7% increase.