Wholesale price growth cooled off significantly in December, the Bureau of Labor Statistics reported Wednesday, indicating that the Federal Reserve’s aggressive interest rate hikes may finally be bringing price pressures under control.
The Producer Price Index, a key inflation metric that measures prices paid for goods and services by businesses before they reach consumers, rose 6.2% in December compared to a year earlier. That’s way down from the revised 7.3% gain reported for November. The latest reading was much lower than Wall Street’s expectations. Economists surveyed by Refinitiv had forecast a 6.8% annual increase. This story is developing and will be updated.
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