Wholesale price hikes slowed significantly in December as inflation eases | CNN Business

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Federal Reserve is testing how climate change could hurt big banks | CNN BusinessThe largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. Causation proof required? Theyre sure to go the way of the polar bear. Financial effects of disaster? How about beneficial climate change?
Source: CNN - 🏆 4. / 95 Read more »