Economic Buzz: US Producer Prices Reflect Spike In Energy Prices

The Labor Department said US producer price index for final demand climbed by 0.5 percent in May after inching up by 0.1 percent in April, reflecting a sharp jump in energy prices. The bigger than expected increase in producer prices was primarily due to a spike in energy prices, which shot up by 4.6 percent in May following a 0.1 percent uptick in April.