BREAKING: Wholesale inflation declines in August, but prices remain near multi-decade high
UBS managing director and senior portfolio manager Jason Katz provides insight on the market's response to the Fed on 'Making Money.'
Inflation at the wholesale level cooled in August for the second consecutive month, although prices for everyday necessities remain at a multi-decade high, squeezing businesses and millions of American households. The Labor Department said Wednesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, declined 0.1% in August from the previous month. On an annual basis, prices soared 8.7% – a marked decline from the 9.8% increase recorded in July and the lowest level since August 2021.Excluding food, energy and trade services, inflation at the wholesale level increased 0.2% for the month. That is below the expectation for a gain of 0.3%.
Overall, prices for goods fell 1.2% last month, the biggest contributor to the drop in the headline inflation figure. That decrease can largely be traced to a 6% plunge inThis is a developing story. Please check back for updates.
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