Wholesale prices remained unchanged in May according to the Labor Department. It had risen by 0.5% in April and despite being unchanged in May from the previous month, the reading was 2.4% higher than a year ago.
Energy and food prices were particularly weak in the month of May, with energy prices 3% lower and food prices 0.2% lower. Food and energy costs tend to be more volatile than other prices because they are tied to globally traded commodities. Excluding food and energy prices, the so-called “core inflation” was 2.1% higher than a year ago.