US wholesale prices fell 0.2% in June as food costs plunged
July 10, 2020
WASHINGTON (AP) — U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices.
The drop in the Producer Price Index, which measures inflation pressures before they reach consumers, followed a 0.4% gain in May, the Labor Department reported Friday. Wholesale prices have fallen in four of the past five months.
The country has been pushed into a deep recession that is expected to lead to an unprecedented contraction of the economy in the April-June quarter. It is likely the downturn, triggered by the coronavirus pandemic, will keep infla...