Prices are rising, but don’t worry, it’s only on sh%^ that we need to live.

PPI rises in May on higher energy costs

Producer Price Index up on higher energy costs; core prices increase in line with forecasts.
June 14 2007: 8:39 AM EDT

NEW YORK (CNNMoney.com) — Prices paid by businesses rose in May due to higher energy costs, as the latest inflation reading was roughly in line with Wall Street expectations.

The Producer Price Index, the government’s key measure of inflation at the wholesale level, was up 0.9 percent in May, compared to a 0.7 percent rise in April. Economists surveyed by Briefing.com had forecast a 0.6 percent increase. Energy prices were up 4.1 percent.

The more closely watched core PPI, which strips out often volatile food and energy prices, was up 0.2 percent, in line with forecasts of economists, although it’s up from the April report that showed no change in those prices.

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I just love how the “important” inflation number strips out the stuff that we need to live.