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# USPPIHits2.5YearHigh
🔥 PPI Just Screamed Higher – 5.2% YoY, Highest in 2.5 Years
One hot inflation report? Maybe a fluke.
Two in a row? That's a pattern.
On June 11, the Labor Department dropped May PPI: +5.2% year over year – the highest since November 2022. Monthly? +0.8%. Both blew past expectations.
And just like CPI, the culprit is the same: energy. Prices at the producer level surged 3.9% month over month. That cost pressure is real, and it's not staying at the factory gate.
Back-to-back upside surprises – first CPI, now PPI – have effectively slammed the door on near-term rate cut hopes. Markets are now pricing in roughly 43% odds of a rate hike this year (CME FedWatch).
The three major US stock indices felt the heat immediately. Because if the Fed has to raise instead of cut, the whole playbook changes.
Next up: the June 17 Fed meeting under new Chair Kevin Warsh. The pressure is officially on.