UNITED STATES NEWS

US wholesale price data for April points to easing inflation pressures

May 11, 2023, 5:39 AM

WASHINGTON (AP) — Wholesale prices in the United States decelerated last month, the latest sign that inflationary pressures may be easing more than a year after the Federal Reserve unleashed an aggressive campaign of steadily higher interest rates.

From March to April, the government’s producer price index rose 0.2% after falling 0.4% from February to March. Compared with a year earlier, wholesale prices rose just 2.3% last month.

The index that the Labor Department issued Thursday reflects prices charged by manufacturers, farmers and wholesalers. It can provide an early sign of how fast consumer inflation will rise.

Excluding volatile food and energy prices, so-called core wholesale inflation rose 0.2% from March and 3.2% from 12 months earlier. The Fed pays particularly close attention to core prices, which tend to be a better gauge of the economy’s underlying inflation pressures.

Thursday’s figures follow a government report Wednesday that showed that at the consumer level, core prices rose 0.4% from March to April — the fifth straight month that those prices have risen at least that much, well above the pace needed to meet the Fed’s 2% annual inflation target.

On a year-over-year basis, overall consumer inflation, at 4.9%, has dropped significantly since peaking at 9.1% in June 2022 yet remains well above the Fed’s target level. Economic growth slowed to a tepid 1.1% annual rate from January through March.

The Fed has raised its benchmark interest rate 10 times in 14 months. The central bank’s policymakers want to slow the U.S. economy — the world’s biggest — just enough to control price increases without causing a recession. But many economists are skeptical and expect the United States to slip into a recession later this year.

United States News

The OnlyFans logo is seen on a computer monitor in this posed photo, Thursday, Dec. 7, 2023, in St....

Associated Press

Teachers have been outed for moonlighting in adult content. Do they have legal recourse?

At a small rural Missouri high school, two English teachers shared a secret: Both were posting adult content on OnlyFans, the subscription-based website known for sexually explicit content. The site and others like it provide an opportunity for those willing to dabble in pornography to earn extra money — sometimes lots of it. The money […]

1 hour ago

A gray wolf is seen in a trail camera image on the Sherman Creek Ranch, March 26, 2023, near Walden...

Associated Press

Embattled wolves gain a new frontier in Democratic Colorado. The move is stoking political tensions

DENVER, Colo. (AP) — Wildlife officials plan to release gray wolves in Colorado in coming weeks, at the behest of urban voters and to the dismay of rural residents who don’t want the predators but have waning influence in the Democratic-led state. The most ambitious wolf reintroduction effort in the U.S. in almost three decades […]

1 hour ago

FILE - President Joe Biden speaks about investment in rail projects, including high-speed electric ...

Associated Press

Biden heads to Philadelphia for firefighters and fundraising

WASHINGTON (AP) — President Joe Biden will join Philadelphia firefighters on Monday to announce federal funding that will reopen three fire companies, according to the White House. The companies — Engine 6, Ladder 1 and Ladder 11 — were decommissioned during the Great Recession. Union leaders have said the cutbacks hampered the city’s response to […]

1 hour ago

Associated Press

Stock market today: Asian shares mixed after Wall Street hits 2023 high

Asian shares were mixed on Monday after Wall Street reached a 20-month high ahead of a week that includes essential U.S. inflation data and the Federal Reserve’s final rate decision of the year. U.S. futures were lower and oil prices rose to recover some of their sharp losses in recent months. Hong Kong’s Hang Seng […]

2 hours ago

FILE - Sen. James Lankford, R-Okla., speaks to media about Israel, Wednesday, Oct. 18, 2023, on Cap...

Associated Press

New US aid for Ukraine by year-end seems increasingly out of reach as GOP ties it to border security

A deal to provide further U.S. assistance to Ukraine by year-end appears to be increasingly out of reach for President Joe Biden.

4 hours ago

Associated Press

Downpours, high winds prompt weather warnings in Northeast

NEW YORK (AP) — Parts of the northeast were bracing for a stormy night Sunday, with high winds and heavy rains bringing threats of flooding and power outages through the Monday morning commute. Flood watches were in effect in New York, New Jersey, Connecticut and southern New England through Monday. The National Weather Service said […]

7 hours ago

Sponsored Articles

Follow @iamdamonallred...

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

Follow @KTAR923...

The best ways to honor our heroes on Veterans Day and give back to the community

Veterans Day is fast approaching and there's no better way to support our veterans than to donate to the Military Assistance Mission.

...

Desert Institute for Spine Care

Desert Institute for Spine Care (DISC) wants to help Valley residents address back, neck issues through awake spine surgery

As the weather begins to change, those with back issues can no longer rely on the dry heat to aid their backs. That's where DISC comes in.

US wholesale price data for April points to easing inflation pressures