The inflation surge is hitting businesses, too

Wholesale inflation surged to its highest level since late 2022, as fuel prices pushed higher by the war with Iran ripple across the economy.

Business inflation in May surged to its highest level since late 2022, as high fuel prices triggered by the war with Iran ripple across the U.S. economy.

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New data released Thursday showed that from April to May, the producer price index saw a 1.1% month-over-month rise.

Even more notably, it rose to 6.5% from the same period a year ago.