Another positive sign for consumers: Wholesale inflation ticked down last month

Americans have received more encouraging news regarding the fading of price pressures. Wholesale inflation decreased in May, with prices down 0.2% compared to April’s 0.5% increase, according to data released by the Bureau of Labor Statistics. Energy prices falling 4.8% last month played a significant role in the decline of overall wholesale prices. The Producer Price Index, which measures price changes paid by manufacturers to suppliers, rose 2.2% over the 12 months ending in May. Core producer inflation, excluding food and energy prices, rose 2.3% on an annual basis. The new inflation data follows the release of May’s Consumer Price Index, which showed a cooling pace of price increases for consumers. Federal Reserve officials voted to keep interest rates at current levels, leaving open the possibility of cutting rates later this year. The weekly jobless claims data showed a rise in initial jobless claims. Stocks opened mixed after the release of the data.