According to data published this Thursday by the Department of Labor, the Producer Price Index (PPI) in the United States increased to 6.5%, suggesting an increase of 1.1% compared to the previous month, this amid one of the highest interannual inflation levels in three years and higher energy costs.

This Wednesday, the Bureau of Labor Statistics (BLS) reported that the Consumer Price Index rose 0.5% last month, placing the inflation rate at 4.2% year-over-year from the 3.8% recorded in April.

For Elizabeth Renter, senior economist at NerdWallet, "in determining the direction of monetary policy, the Federal Reserve considers today's wholesale inflation numbers as one more piece of the puzzle. The probability of a rate hike in the coming months has increased with this week's consumer and wholesale inflation data, but the Federal Reserve will most likely wait another month before taking that action."

In recent months, inflation had declined and was inching closer to the Fed's 2% target; However, economic uncertainty and the development of the war in Iran, which caused the closure of the Strait of Hormuz and the increase in oil and gasoline prices, have stimulated a dizzying increase in the inflation rate in recent weeks.

For her part, Grace Zwemmer, US economist at Oxford Economics, noted that "with May CPI and PPI data in hand, our short-term PCE forecast points to a 0.5% increase in headline prices and a 0.3% rise in core prices in May. This would push headline PCE up to 4.2%, its highest level since April 2023," she said.

According to the Department of Labor report, basic wholesale prices (food and energy) increased 0.4% in May and 4.9% year-over-year, while wholesale gasoline prices soared 23% in the last month and 70% in the 12 months.

Next Wednesday, June 17, the Federal Reserve meeting will be held, where the decisions on interest rates will be known, which until now remain in the range of 3.50%.