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US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling
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FILE - Mark Woodruff loads soybean seeds into a planter on April 22, 2024, in Sabina, Ohio. On Thursday, June 13, 2024, The labor department releases producer prices data for May. - photo by AP Photo/Joshua A. Bickel, File
WASHINGTON (AP) — Wholesale price increases fell in May, the latest sign that inflation pressures in the United States may be easing as the Federal Reserve considers a timetable for cutting interest rates. The Labor Department reported Thursday that its producer price index — which tracks inflation before it reaches consumers — declined 0.2% from April to May after rising 0.5% the month before. Measured from a year earlier, wholesale prices were up 2.2% in May.