Investing.com — Growth in U.S. producer prices eased by more than expected in June in the latest sign of fading inflationary pressures in the world’s largest economy, bolstering the case for the Federal Reserve to step back from its aggressive policy tightening campaign after an expected interest rate hike later this month.
According to data from the Bureau of Labor Statistics, the producer price index for the month eased to 0.1% annually, decelerating from a downwardly revised mark of 0.9% in May. Economists had seen the figure rising by 0.4%.