Wholesale price increases in the United States eased in July, suggesting that inflation pressures are further cooling as the Federal Reserve moves closer to cutting interest rates, likely beginning next month. The Labor Department reported that its producer price index — which tracks inflation before it reaches consumers — rose 0.
FILE - The Chevron Products Company El Segundo refinery is seen on Oct. 23, 2023, in El Segundo, Calif. WASHINGTON — Wholesale price increases in the United States eased in July, suggesting that inflation pressures are further cooling as the Federal Reserve moves closer to cutting interest rates, likely beginning next month.
Excluding food and energy prices, which tend to fluctuate from month to month, so-called core wholesale prices were unchanged from June and up 2.4% from July 2023. The increases were milder than forecasters had expected and were nearly consistent with the Fed’s 2% inflation target. On Wednesday, the Labor Department will release the most well-known inflation measure, the consumer price index. Forecasters have estimated that consumer prices rose 0.2% from June to July, after actually falling 0.1% the previous month, and 3% from July 2023, according to a survey by the data firm FactSet.US hiring fell sharply in July, an unexpected setback for the economy stoking recession fearsInflation has plummeted since peaking at a four-decade high in mid-2022.
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