US wholesale prices fell unexpectedly by 0.2% in May, led by a 4.8% drop in energy prices.
US wholesale prices fell unexpectedly by 0.2% in May, marking the most significant drop in producer prices since October 2022. Final demand for goods decreased by 0.8%, with energy prices falling by 4.8%. This decline in wholesale prices adds to evidence that inflation is cooling, with the Producer Price Index (PPI) showing an annual increase of 2.2% in May, down from a 2.3% increase in April. The drop in overall index in May was driven by energy prices, which fell by 4.8%, the worst performance since October 2022.
June 13, 2024
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