Inflation fell four-tenths of a percentage point to a 2.3% annual rate in April. On a month-to-month basis, the wholesale price index increased by 0.2%.
On a month-to-month basis, the wholesale price index increased by 0.2%, the Bureau of Labor Statistics reported Thursday morning.The report is encouraging news. It shows inflation not far from the Federal Reserve's 2% target and well below the rate registered in other inflation gauges.
Given the trend line over the past several months, inflation as measured by the PPI peaked over last year and is coming down in a meaningful way. Annual wholesale inflation reached its zenith in April 2022. Trends in producer prices eventually trickle down to households. "Core producer goods price pressures were most intense the quarter after Russia invaded Ukraine last year, and those days look further and further away from ever returning after the Fed hiked rates aggressively the last year," wrote Chris Rupkey, the chief economist for FWDBONDS.
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