Wholesale price inflation slows last month as gas and food costs fall
Summary
Wholesale prices in the U.S. did not increase from June to July, showing a slowdown in inflation before it reaches consumers. The yearly rise in wholesale prices fell to 4.7% in July from 5.5% in June, helped by lower gas and food costs.Key Facts
- The Labor Department measures wholesale inflation using the producer price index (PPI).
- The PPI increased by 4.7% in July compared to the same month last year.
- This rise was smaller than June's 5.5% increase.
- From June to July, wholesale prices stayed the same with no monthly increase.
- The previous month saw a small 0.1% decrease in wholesale prices.
- Lower gas prices helped reduce the inflation spike caused by tensions related to the Iran war.
- Food prices also became less costly, contributing to the overall slowdown in wholesale inflation.
- Slower wholesale inflation could lead to lower consumer inflation in the future.
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