Vegetables are pictured at a produce shop at Reading Terminal Market in Philadelphia, Pennsylvania, U.S. February 19, 2022. REUTERS/Hannah Beier/File Photo WASH INGTON, May 14 -
The producer price index for final demand rose 0.5% last month after falling by a downwardly revised 0.1% in March, the Labor Department's Bureau of Labor Statistics said. Some economists believe the Fed could deliver the first rate cut in July. The U.S. central bank early this month left its benchmark overnight interest rate unchanged in the current 5.25%-5.50% range, where it has been since July. The Fed has raised its policy rate by 525 basis points since March 2022.A 0.6% rise in prices of services less trade, transportation and warehousing accounted for 70% of the jump in services inflation. That mostly reflected a 3.
"Margins remain 33% above their 2019 average level, reflecting the outperformance of nominal GDP relative to its pre-pandemic trend," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. "We expect margins to decline gradually over the next year, as households who are no longer flush with cash seek to make their dollars work harder, and retailers fight for market share." Goods prices rose 0.4% after slipping 0.2% in March. They were boosted by a 2.
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