Producer prices gain 1.4% in May, energy prices surge (by Ruth Mantell)

WASHINGTON (MarketWatch) -- Wholesale prices rose 1.4% in May, after seasonable adjustments, with energy prices gaining 4.9% and food prices rising 0.8%, the Labor Department reported Tuesday. Economists polled by MarketWatch had expected the PPI to rise 0.9%. In the past year, the PPI gained 7.2%, the government said. May's core PPI -- which excludes food and energy prices -- rose 0.2%, matching analysts' expectations. Core prices are up 3% in the past year.