Inflation at the wholesale level cooled significantly last month, helped by a sharp drop in energy prices, according to data released by the Bureau of Labor Statistics.
Monthly and Annual Changes
On an annual basis, the Producer Price Index, which measures the prices businesses receive for their goods and services, slowed at a 5.5% pace in June, compared to 6.5% in May. On a monthly basis, prices fell 0.3% in June versus a 1.1% increase in the prior month.
Excluding volatile food and energy prices, core PPI slowed to a pace of 4.7% in June from the 4.9% pace seen in May.
While the decline in energy prices provided some relief to businesses last month, that could prove short lived now that the conflict in the Middle East has reignited.
Original reporting: El Paso News (HLL/CB) — read the source article.
