Industrial product prices rose 2% M/M, above expectations for a 1.3% gain…

… on a continued grind higher in energy product prices, which added 8% in April and now sit ~50% higher than they were heading into this year.

The longer the Iran conflict drags on, the longer crude prices stay elevated…

… but if we get a deal at some point soon, the input cost side of the equation could whipsaw violently… let’s see.