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U.S. Wholesale Prices Drop Suddenly Due to Falling Gasoline Prices
U.S. wholesale prices unexpectedly declined in June, as a drop in energy prices, especially gasoline which fell by 12%, helped improve inflation indicators. The agricultural products price index decreased by 0.3%, while the core producer price index saw a slight increase of 0.2%. Meanwhile, commodity prices fell by 1.4%, the largest decline since July 2022. This comes amid a broader slowdown in inflation, which dipped to 3.5%, and core inflation, which dropped to 2.6%, with expectations that these figures will decline further following the release of personal consumption expenditure data. Nonetheless, markets still anticipate a rate hike by the Federal Reserve in September.
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