Wholesale prices see biggest spike since 2022 as energy costs climb

Inflation facing U.S. businesses surged in May to its highest level since November 2022 amid higher energy prices stemming from the Iran war . The Producer Price Index, which registers inflation before it reaches consumers, soared 6.5% in May from a year ago, the Labor Department reported on Thursday. On a monthly basis, the PPI rose 1.1% from April, a faster pace than the 0.6% increase forecast by economists polled by financial data firm FactSet. …