U.S. wholesale inflation rose last month on higher energy prices.
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Still, the overall increases were slightly less than economists had forecast. U.S. markets leapt higher immediately on the new inflation data. Wholesale prices can offer an early look at where consumer inflation might be headed. Economists also watch it because some of its components, notably health care and financial services, flow into the Federal Reserve’s preferred inflation gauge — the personal consumption expenditures, or PCE, index.
Inflation came down from the four-decade highs it reached in mid-2022, giving the Fed enough confidence to reverse course and cut rates three times in 2024. But the progress on inflation has stalled in recent months, and year-over-year increases in consumer prices remain above the central bank's 2% target.
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