Inflation remains very low in the U.S. due to the coronavirus pandemic. Even with the Federal Reserve pumping huge sums of money into the economy, inflation is likely to remain low until the crisis is over.
The numbers: The wholesale cost of U.S. goods and services fell in June, reflecting depressed demand in retail and other major parts of the economy caused by the coronavirus pandemic.
Most companies have had to cut prices to drum up sales as reluctant customers worried about the pandemic hoarded their cash. That trend is likely to persist until the virus is contained. The price of oil slumped earlier in the year, and while prices have rebounded, the cost of filling up is still very low with Americans driving less. Fewer people are going on vacation or driving far distances while the coronavirus is still very active.The cost of meat sank almost 28%. The viral outbreaks at meat-packing plants that triggered a surge in prices in May have been brought under control and the threat of shortages has receded.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
William Dement died on June 17thAt Stanford, William Dement's Sleep and Dreams class was phenomenally popular right from the start. He continued to teach it for almost 5 decades
Read more »
Faces of some of the more than 130,000 lives lost in US to coronavirusFaces of some of the more than 130,000 lives lost in the U.S. to coronavirus. Those we've lost include Holocaust survivors, war veterans and doctors.
Read more »
Texas sets new single-day record for coronavirus deaths'Anybody that thinks this is hoax, they should come spend the day with me here.' United Memorial Medical Center in Houston has been on the frontline battling the COVID-19 pandemic, as Texas and other states are showing surges in cases since reopening.
Read more »
The Trade Deal May Be Dead, Trump Says China Relationship ‘Severely Damaged’The coronavirus pandemic has derailed a phase two trade agreement, Trump said.
Read more »
The Trade Deal May Be Dead, Trump Says China Relationship ‘Severely Damaged’President Donald Trump said that he isn’t even considering a phase 2 trade deal with China, saying that the relationship between the 2 countries has been “severely damaged” by the coronavirus pandemic by skleb1234
Read more »
Why Bindi Irwin and Chandler Powell Skipped Their HoneymoonThe Irwin family opened up about the devastating Australia Zoo shutdown amid the coronavirus pandemic — details
Read more »