US producer prices declined in May, underscoring a continued easing in supply-side inflation.

The producer price index for final demand decreased 0.3% from a month earlier, according to data out Wednesday from the Bureau of Labor Statistics. From a year ago, the PPI rose 1.1%, the smallest advance since the end of 2020.

The median forecast in a Bloomberg survey of economists called for a 0.1% drop in the PPI from a month earlier.

Excluding the volatile food and energy components, the so-called core PPI rose 0.2% from April and was up 2.8% from last year.

Source: Bloomberg