In May, producer prices in the United States posted the biggest gain since 2012 due to the rising cost of food and gasoline, according to a new report from the Department of Labor on Friday.
The report noted that the producer price index (PPI) for final demand jumped 0.5 percent last month, the largest increase since Sept. 2012.
Last month, food prices jumped 0.8 percent, the biggest increase in more than a year. Gasoline prices soared 17 percent, the largest gain since Aug. 2009. Producer energy prices rose 5.9 percent, which was also the biggest jump since 2009. The most noteworthy increase came from chicken eggs, in which prices skyrocketed 56.4 percent.
In the end, there is no price inflation if you don’t eat or drive a car. Does Paul Krugman eat or drive?
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