Inflation, as measured by producer wholesale prices, slowed to 7.4% for the year ending in November, according to a report Friday from the Bureau of Labor Statistics.
by soaring costs for households. Annual wholesale inflation reached its zenith in March, clocking in at 11.7%, but it has now been in retreat for the past few months. Trends in producer prices eventually trickle down to households.
Friday’s report comes ahead of the even more closely watched consumer price index report. The CPI is seen by many to be the key barometer of headline inflation in the United States, and November’s reading will be the last one before the new year.has been raising interest rates to tame inflation, but the trade-off is that rising interest rates slow demand and can result in a recession.
Fed Chairman Jerome Powell has made it clear that the Fed won’t let up with tightening until inflation starts returning to its preferred 2% level, although recent comments indicate that the pace of the tightening will begin to slow.
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