Market Updates
Morning Gains Evaporate On Inflation Level Worries
Barry Adams
11 Aug, 2022
New York City
Morning gains on Wall Street evaporated after benchmark indexes slid in a volatile session.
Popular indexes opened higher but struggled to hold on to advances as investors lacked enthusiasm and the Fed officials reiterated that the fight against inflation is far from over.
The Producer Prices index, a measure of wholesale prices, declined 0.5% on an adjusted basis in July after rising at 1.0% in June and 0.8% in May, the U.S. Bureau of Labor Statistics reported Thursday.
On an unadjusted basis, the measure of wholesale prices rose 9.8% from a year ago.
The core index, excluding food, energy and services, rose at a slower pace of 0.2% after rising at 0.3% in June. On a yearly basis, the core index rose 5.8%.
The surprise decline in wholesale prices followed the slight cooling of consumer prices to 8.5% reported on Wednesday.
The back-to-back two inflation reports lifted the hopes that the Federal Reserve may moderate the rate hikes at the next meeting in late September.
However, Fed officials reiterated the Fed's commitment in lowering inflation to its target rate of 2%.
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