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Wholesale Price Growth Tapers as Inflation Pressure Eases
Reflecting a tapering-off of inflationary pressures, the U.S. Producer Price Index (PPI) ticked up by a seasonally adjusted 0.1% in May, the Bureau of Labor Statistics reported.
A sharp increase in the cost of hotel rooms, along with gains for portfolio management fees, boosted the index for services. However, the index for goods declined 0.2% from April, driven by weaker pricing for energy and food, for the slowest PPI growth year to date.
MarketWatch reported that inflation has continued easing in recent months, and the latest PPI reflects this. The BLS reported year-over-year growth of 1.8% in wholesale pricing, compared to 2.2% in April and a high of 3.1% last summer.
“The U.S. faces little threat from inflation even after slapping tariffs on hundreds of billions of dollars of Chinese imports, paving the way for the Federal Reserve to cut interest rates if the economy gets any weaker,” MarketWatch reported.
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- ◦Economy
