[Washington Examiner] Inflation as measured by producer wholesale prices slowed to 9.8% for the year ending in July, according to a report Thursday from the Bureau of Labor Statistics.
Always wait for the "correction" in a month or two to the original number.
That year-over-year inflation rate was down from 11.3% the month before and lower than forecasters expected. On a month-to-month basis, the producer price index declined by 0.5%.
The July wholesale numbers mark the first monthly decline since April 2020 at the start of the pandemic, and the annual increase is the lowest since October of last year.
"Cooling prices paid by producers portend a further cooling for consumer prices, as producer prices are further up the inflation pipelines. We expect producer prices to ease as supply chains improve," said Jeffrey Roach, chief economist for LPL Financial. "It could take up to three months for improved supply chains to affect prices for the end consumer." |