US Wholesale Inflation Hits Two-Year Low in May
TL;DR Summary
Wholesale inflation in the US fell more than expected in May, with the producer price index down 0.3% from the previous month, the lowest rate since December 2020. Annual prices are up 1.1%, lower than the 1.5% headline figure and 0.1% monthly decline forecast by Refinitiv economists. However, core inflation, excluding food and energy, is still running far hotter than the pre-pandemic average, up 2.8% from the same time last year. The Federal Reserve is expected to pause the tightening cycle as inflation slows.
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