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Gasoline leads broad increase in U.S. producer inflation

Reuters  |  WASHINGTON 

By Lucia MutikaniWASHINGTON (Reuters) - U.S. producer prices increased more than expected in May, leading to the biggest annual gain in nearly 6-1/2 years, the latest sign of a gradual building up of inflation pressures.The Federal Reserve raised interest rates for a second time this year on Wednesday and forecast two more rate hikes. The U.S. central bank noted that overall and underlying inflation measures had moved closer to its 2 percent goal."The Fed is on the right course with its gradual pace of rate hikes because the inflation heat may yet lead to fire and the risk that monetary ...

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First Published: Thu, June 14 2018. 00:52 IST