Wholesale prices in the United States picked up slightly in July yet still suggested that inflationary pressures have eased this year since reaching alarming heights in 2022.
The figures the Labor Department issued Friday reflect prices charged by manufacturers, farmers and wholesalers. The figures can provide an early sign of how fast consumer inflation will rise in the coming months. Since peaking at 11.7% in March 2022, wholesale inflation has steadily tumbled in the face of theExcluding volatile food and energy prices, “core’’ wholesale inflation rose 2.4% from July 2022, the same year-over-year increase that was reported for June.
Rubeela Farooqi, chief U.S. economist at High Frequency Economics, noted that Friday’s report showed producer prices running “above expectations.” But she added that “the year-on-year changes still show headline producer prices below and core heading towards 2%.”Farooqi and many other economists and market analysts think the Fed’s most recent rate hike in July could prove to be its last. Before the Fed next meets Sept.
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