The Producer Price Index (PPI) for final demand — not parts or components — rose at the fattest unadjusted annual rate since the Labor Department began calculating yearly data in 2010.

The jump in the May PPI is the latest glimpse into a widely expected but

increase in inflation. 

, his top economic officials and the Federal Reserve have expressed confidence that inflation will fall back to moderate levels once the global economy is unhindered by the coronavirus pandemic. The White House, Fed and a broad range of economists say the faster pace of price increases is just a quirk of short-term supply shortages and bottlenecks, along with statistical quirks.

Even so, Republican lawmakers and inflation hawks insist the White House and Fed are downplaying the risk that trillions in fiscal and monetary stimulus could spur uncontainable inflation.

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