Washington (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy’s inflationary pressures cooled last month.
Thursday’s report from the Labor Department showed that the producer price index — which measures inflation before it reaches consumers — declined 0.5% in July.
It was the first monthly drop since April 2020 and was down from a sharp 1% increase from May to June.
The easing of wholesale inflation suggests that consumers could get some relief from relentless inflation in the coming months.
