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Wholesale Prices Unexpectedly Drop as U.S. Goods Costs Retreat

Bloomberg (06/13/14) Jeanna Smialek

The producer price index dropped 0.2% in May, the first decrease in three months, according to the U.S. Department of Labor. The 71 economists surveyed by Bloomberg predicted a 0.1% increase. Costs have gone up 2% over the past year, and the April producer price index had seen a 0.6% gain. The U.S. Federal Reserve has said it wants inflation to increase closer to its 2% goal.