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Wholesale inflation surges in May due to higher oil prices, PPI shows

Producer price index rises 0.5%, yearly rate at 6-year high of 3.1%Bloomberg News/LandovWholesale inflation for goods and services rose sharply in May, but the increase was mostly due to higher oil prices, according to a measure of costs known as PPI. Wholesale costs often give clues on whether inflation is rising or falling. The producer price index jumped 0.5% in May, the Labor Department said Wednesday.