The U.S. May PPI report further confirms that inflationary pressures are easing
According to a report by JIN10 on June 13th, the annual rate of US PPI in May was 2.2%, with an expected rate of 2.5% and a previous value of 2.2%. The monthly rate of US PPI in May was -0.2%, with an expected rate of 0.1% and a previous value of 0.5%. The unexpected decline in US PPI in May was the largest in seven months, further proving that inflationary pressures are easing. Data released by the US Bureau of Labor Statistics on Thursday showed that PPI representing final demand fell 0.2% from the previous month and rose 2.2% from the same period last year. Prior to the release of the PPI report, May consumer price data also showed a general cooling of the economy. Since July last year, Fed officials have kept the benchmark interest rate at its highest level in more than 20 years. The Fed's dot plot on Wednesday showed that they expect to cut interest rates only once this year while waiting for further progress on inflation.
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