The ISM Manufacturing Prices Index registered 82.1% in May 2026 - down 2.5 percentage points from April's 84.6% but still the second-highest reading since April 2022 and the 20th straight month of price expansion, with 66.3% of manufacturers reporting higher prices. Manufacturing is expanding at its fastest pace in four years while input prices remain at levels the ISM characterizes as uncomfortable - the growth-plus-sticky-prices configuration.