NEW YORK, NEW YORK - JUNE 12: Gas prices are seen at a Mobil gas station on June 12, 2023, in the Flatbush neighborhood in the Brooklyn borough of New York City. The Labor Department is expected to release the Consumer Price Index report for the month of May that shows inflation slowing down across all categories, with food and energy costs remaining above the Federal Reserve’s target as they kick off a two-day meeting. The meeting will culminate with a press conference by U.S. Federal Reserve Bank Chairman Jerome Powell making an announcement on interest rates. (Photo by Michael M. Santiago/Getty Images)
U.S. producers now face the reality of deflation.The Producer Price Index (PPI) for final demand slumped 0.3% month-on-month in May, down from the previous 0.2% monthly increase and below the expected 0.1% fall, the U.S. Bureau of Labor Statistics reported Wednesday.
WASHINGTON, DC – JUNE 14: U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on June 14, 2023, in Washington, DC. After a streak of ten interest rate increases, Powell announced that rates will remain steady and unchanged. (Photo by Drew Angerer/Getty Images)
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