WASHINGTON — The cost of wholesale goods in the United States unexpectedly fell in June. Shifting energy costs provided relief to an economy weary of inflation, according to a report released Wednesday by the Bureau of Labor Statistics.
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Subscribe Sekarang →The producer price index, which measures what manufacturers and wholesalers pay, dropped a seasonally adjusted 0.3% for the month. This decline caught economists by surprise. A Dow Jones consensus estimate had projected the index to remain unchanged. Over the past twelve months, the index showed wholesale inflation running at a 5.5% rate. Government officials also revised the previous month's data, cutting May's wholesale price increase to 0.6% from the initially reported 1.1%.
Strip away volatile food and energy costs, and the core wholesale price index rose by 0.2% in June. This was slightly cooler than the expected 0.3% rise. When trade services are also removed, the core index edged up just 0.1% for the month, representing a 5.1% increase from the same period a year ago.
Based on the report, the decline in wholesale prices mirrored recent trends in consumer costs. Both indexes benefited from a sharp drop in oil prices, which fell after a temporary easing of geopolitical tensions between the United States and Iran. Overall goods prices fell 1.4% in June, marking the sharpest monthly decline since July 2022. Wholesale energy costs led the retreat, sliding 6.4%, while food prices fell 0.6%.
According to the government data, cheaper fuel drove the bulk of the decline. Gasoline prices plunged 12% in June, accounting for nearly two-thirds of the overall drop in wholesale goods. The sudden relief at the pump has given policymakers new data to weigh as they chart the course of the domestic economy.