A new report by the New York Federal Reserve showed that May manufacturing prices in New York state soared to record highs, providing yet another data point in support of the view that more consumer price inflation may be on the horizon. The monthly Empire State Manufacturing Survey, released Monday, shows that both input prices and selling prices rose at a record-setting pace in May. The survey’s prices paid index hit a record 83.5 in May, while the prices received index rose to 37.1, also the highest level in the history of the series. Based on a poll of around 200 manufacturers in New York state, the survey measures price movements from the perspective of costs to industry or producers of products, before they’re likely to be passed on to consumers. Economists typically look to manufacturing prices as an early predictor of consumer price inflation, which surged to an annualized …