WASHINGTON (AP) — Wholesale price increases in the United States eased in July, suggesting that inflation pressures are further cooling as the Federal Reserve moves closer to cutting interest rates, likely beginning next month.
The producer price index — which tracks inflation before it reaches consumers — rose 0.1% from June to July.
That was down from a 0.2% rise a month earlier. And compared with a year earlier, prices were up 2.2%.
That was the smallest such rise since March.
The July wholesale figures reflect a broad and steady slowdown in price increases, which peaked at a four-decade high in mid-2022 but are now moving toward the Fed’s 2% inflation target.
