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Producer prices rose 1.1% in May, lifting the 12-month wholesale inflation rate to 6.5%, the highest since late 2022.
U.S. consumer prices rose at a 4.2% annual rate in May, the fastest pace in three years, as Iran-related energy disruptions lifted costs.
Brent crude jumped 2.6% to $95.50 a barrel in Asia trading after Iran fired missiles at Israel.