In June 2024, wholesale prices in the United States rose by 2.6% compared to a year earlier, the highest increase since March 2023, indicating persistent inflation pressures. The Labor Department's producer price index, up by 0.2% from May to June, provides an early indication of consumer inflation trends. Core wholesale prices, excluding food and energy, also rose by 0.4% from May and 3% from June 2023. Consumer inflation slowed for the third consecutive month in June, with consumer prices dropping by 0.1% from May to June. The Federal Reserve, which raised its benchmark interest rate 11 times in 2022 and 2023 to curb inflation, is expected to start cutting interest rates in September. These rate cuts could reduce borrowing costs and potentially boost stock prices. Despite the slowed inflation, essential costs like food, rent, and healthcare remain high, contributing to public dissatisfaction and possibly affecting President Joe Biden’s re-election prospects.
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