The Bureau of Labor released the Producer Price Index on Tuesday, a measure of how much it costs producers to produce their products.

Wholesale prices paid by producers rose briskly in May, as inflationary forces mounted due to rising fuel costs, supply chain snarls, and increased salary expenses. The PPI rose 0.8% month over month, and rose 10.8% over the year. The monthly rise was a doubling of the 0.4% rate in April, and on par with estimates.

The core PPI, a measure that removes food, energy, and trade, was up 0.5% on the month, an increase from the 0.4% reading in April, but below the 0.6% estimate. The year over year number was 6.8%, matching April’s number.

Both measures were close to the historic highs of 11.5% for the headline reading, and 7.1% for the core, which both had hit in March following the disruptions of Russia’s invasion of Ukraine.

This data is of interest because these prices rising is what leads to consumer prices rising, ie inflation, which is presently running at the highest levels since December of 1981. May’s Consumer Price Index measuring consumer inflation came in at 8.6% annually, dashing hopes inflation had already peaked was about to begin a decline as the markets adapted supply chains and distribution networks, particularly around oil, to Russia’s actions in Ukraine and the resulting sanctions.

Energy was behind the majority of the May gains in the PPI. Final Demand Energy, or energy products destined for consumers (as opposed to intermediate demand, destined for other businesses), rose 5%, adding to a 1.4% increase in overall final demand goods. Within that energy spike, gasoline rose 8.4%, while other fuel categories were also surging.

Services rose 0.4%, with more than half that gain due to transportation and warehousing. Portfolio management and guest room rentals declined, helping to moderate the rise.

Stock market futures indicated there would be a rebound following the release, indicating traders were relieved to not see any surprises.