US wholesale inflation fell in July for 1st time in 2 years
WASHINGTON (AP) – Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy’s inflationary pressures cooled last month.
Thursday’s report from the Labor Department showed that the producer price index – which measures inflation before it reaches consumers – declined 0.5% in July.
It was the first monthly drop since April 2020 and was down from a sharp 1% increase from May to June.
The easing of wholesale inflation suggests that consumers could get some relief from relentless inflation in the coming months.
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8/11/2022 10:56:25 AM (GMT -5:00)