The Producer Price Index rose 1.1% in May, matching a 1.1% jump in April. Over the past 12 months, producer prices have risen 6.5%, the largest annual increase since November 2022. It marks the fourth straight month that annual wholesale inflation has accelerated.
The surge was driven overwhelmingly by rising energy costs generated by Trump’s war of choice with Iran. Wholesale energy prices rose 10.7% in a single month, and gasoline prices rose 23.4%, feeding straight into the gas and utility bills that families are already struggling to cover.
This comes just one day after the 12-month percentage change for consumer inflation hit a three-year high of 4.2% — the largest jump since April 2023. The two reports together tell the same story: prices aren’t coming down, and even more pain is on the way.
“Every one of these reports is another receipt for the same broken promise. Trump swore he’d cut prices on day one, and instead the cost of everything just keeps going up,” said American Bridge 21st Century spokesperson Brandon Weathersby. “It’s a complete betrayal of the prosperity he promised working-class families on the campaign trail. And every one of these reports says the same thing: it’s about to get worse before he ever lets it get better.”
Published: Jun 11, 2026