Market Updates
Wholesale Inflation Declined In May
Brian Turner
14 Jun, 2023
New York City
Producer prices for final demand declined 0.3% in May from the previous month, following a 0.2% rise in April, the U.S. Bureau of Labor Statistics reported Wednesday.
Goods prices declined 1.6%, the largest decline since July 2022 and services prices increased 0.2%.
Most of the May decline is attributable to the index for final demand energy, which dropped 6.8%.
Sixty percent of the May decline in the index for final demand goods can be traced to a 13.8% drop in prices for gasoline.
Prices for final demand foods moved down 1.3%.
In contrast, the index for final demand goods less foods and energy increased 0.1%.
Service inflation increased 0.2% in May and over 40 percent of the increase in prices can be attributed to margins for automobiles and automobile parts retailing, which rose 4.2%.
On an annual basis, core inflation, which excludes food, energy and trade, eased to 2.8% in May from 3.3% in April and 6.8% a year ago.
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