Wholesale price inflation slows last month as gas, food costs fall
WASHINGTON (AP) — Wholesale inflation dropped last month as gas prices reversed some of their Iran war spike and other costs also cooled, a sign that consumer inflation could grind lower in the months ahead. The Labor Department’s…
Wholesale inflation experienced a slowdown in the previous month, as gas prices offset some of the increase prompted by the Iran conflict and other costs also reduced, indicating that consumer inflation may gradually decrease in the coming months, according to the Labor Department's producer price index. The index recorded a 4.7% rise in July from a year prior, down from the significant 5.5% surge in June.
However, on a monthly basis, wholesale prices remained stable from June to July, having declined by 0.1% the previous month. This data follows the government's consumer price inflation report, published on Wednesday, which also indicated a slight deceleration last month. Despite this, consumer prices have been rising faster than wages for four consecutive months, exacerbating financial difficulties for many Americans.
Additionally, gas prices experienced a surge in late July and early August, potentially causing inflation to rise again when August figures are reported next month.
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- Wholesale price inflation slows last month as gas, food costs fall winnipegfreepress.com
