The Consumer Price Index, out just minutes ago, ticked higher in May, signaling no relief in sight for farmers. Inflation jumped to 8.6 percent. The markets were expecting 8.3 percent.
Core inflation, which removes food and fuel, jumped to 6 percent.
Next week we will get a look at the Producer Price Index, which measures the price change from the seller’s perspective. Those increases have not yet been passed on to the consumer. So, if that number is higher we can expect to see even bigger inflation in next month’s CPI.
Helping drive the inflation is fuel prices, which went up again overnight.
The nationwide average for a gallon of gas is now $4.98. Diesel is up to $5.75 a gallon. One year ago those prices averaged $3 dollars and $3.20, respectively.
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