Washington DC, June 11 -- US wholesale inflation as measured by the Producer Price Index (PPI) accelerated in May on the back of an oil shock that is rippling through the economy.

The PPI inflation rose 1.1 per cent in May on a monthly basis while climbing 6.5 per cent annually, marking the highest rise since November 2022.

The index for final demand less foods, energy and trade services rose 0.8 per cent in May, the largest advance since increasing 0.9 per cent in March 2022. The same was 5.1 per cent annually, the largest 12-month rise since jumping 5.5 per cent in October 2022.

"Over half of the May advance in prices for final demand goods is attributable to a 23.4 per cent increase in the index for gasoline," the release from the B...