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.
FILE - The Chevron Products Company El Segundo refinery is seen on Oct. 23, 2023, in El Segundo, Calif. –
The producer price index can provide an early sign of where consumer inflation is headed. Economists also watch it because some of its components, notably healthcare and financial services, flow into the Fed’s preferred inflation gauge — the personal consumption expenditures, or PCE, index. Inflation has plummeted since peaking at a four-decade high in mid-2022. But as Americans prepare to vote in the November presidential election, many remain unhappy with consumer prices, which are nearly 19% higher than were before the inflationary surge began in the spring of 2021. Many have assigned blame to President Joe Biden, though it's unclear whether they will hold Vice President Kamala Harris responsible as she seeks the presidency.
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