U.S. producer prices unexpectedly fell in May amid lower energy costs, another indication that inflation was subsiding after surging in the first quarter.
Economists polled by Reuters had forecast the PPI nudging up 0.1 per cent. In the 12 months through May, the PPI increased 2.2 per cent after rising 2.3 per cent in April. The U.S. central bank on Wednesday kept its benchmark overnight interest rate in the current 5.25 per cent-5.50 per cent range, where it has been since last July. The Fed has raised its policy rate by 525 basis points since March 2022 to stamp out inflation.
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