Wholesale prices decreased in May, signaling potential easing of inflation pressures in the United States as the Federal Reserve evaluates the timing for possible interest rate cuts.
The Labor Department announced Thursday that its producer price index, which monitors inflation before it affects consumers, fell 0.2% from April to May after a 0.5% increase the previous month, primarily due to a 7.1% decline in gasoline prices. This represents the largest drop in producer prices since October.
Compared to a year earlier, wholesale prices increased by 2.2% last month, slightly down from a 2.3% rise in April. Excluding the often volatile food and energy prices, core producer prices remained unchanged from April and rose 2.3% from May 2023.
From April to May, wholesale food prices decreased by 0.1%, with egg prices plunging 35%. Prices for computers and computer equipment fell by 1.2%, and household appliance prices decreased by 0.5%.
The producer price i ...
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