Decrease of 0.2% is part of steady decline in four of the past five months.
The Labor Department gave their 6 month report on the Producer Price Index at the end of last week, seeking to predict potential inflation for consumers. There was a brief gain in May, but U.S. wholesale prices decreased by 0.2% in June, making a total drop of 0.8% in the past year. Food costs have decreased by 5.2%, while energy such as gasoline increased by 7.7%.
Although the U.S. faces an intense recession during this year due to the pandemic, inflation costs are expected to be low. With that in mind, the Federal Reserve has continued to offer historically low interest rates in order to better bolster America’s suffering economy.
As the Lord Leads, Pray with Us…
- For the Labor Department as they provide information to U.S. citizens.
- For wisdom as the Federal Reserve takes necessary action steps.
- That the Lord would guide President Trump during these challenging times.
Sources: AP
