Wholesale price increases fell in May, the latest sign that inflation pressures in the United States may be easing as the Federal Reserve considers a timetable for cutting interest rates
FILE - Mark Woodruff loads soybean seeds into a planter on April 22, 2024, in Sabina, Ohio. On Thursday, June 13, 2024, The labor department releases producer prices data for May. .
Wholesale food prices dropped 0.1% from April to May. Egg prices dropped 35%. Computer and computer equipment fell 1.2%, and household appliance prices slid 0.5%. Consumer inflation peaked at 9.1% two years ago but came down as the Fed raised its benchmark interest rate 11 times in 2022 and 2023, taking it to a 23-year high. Still, it continues to run above the Fed’s 2% target.
Paul Ashworth, chief North America economist at Capital Economics, suggested that last month's wholesale inflation figures mean that the May PCE price index, due June 28, will barely rise at all.Fed said that it was leaving its benchmark rate unchanged
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