BREAKING NEWS: Wholesale inflation cools in May to lowest level in two years
Former Kansas City Federal Reserve Bank President and CEO Thomas Hoenig joined ‘Mornings with Maria’ to discuss the Federal Reserve’s forthcoming rate hike decision.
Inflation at the wholesale level fell more than expected in May, the latest sign that painfully high consumer prices are beginning to loosen their stranglehold on theThe Labor Department said Wednesday that its producer price index, which measuresbefore it reaches consumers, tumbled 0.3% in May from the previous month. On an annual basis, prices are up 1.1% – the lowest rate since December 2020.
Those figures are both lower than the 1.5% headline figure and 0.1% monthly decline forecast by Refinitiv economists.THE HOUSING RECESSION ISN'T OVER YET Excluding the more volatile measurements of food and energy, so-called core inflation is still running far hotter than the pre-pandemic average. Core prices are up 2.8% from the same time last year, although they were flat in the period from April to May.
And the services index climbed 0.2% in May following a 0.3% gain the previous month, the Labor Department said in the report. Most of that increase can be traced to a 1% rise in prices for trade services, which measures the changes in margins received by wholesalers and retailers.
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