US Wholesale Inflation Registers Largest Drop Since Pandemic

‘If you are in the stagflation camp, these data aren’t confirming your thesis,’ one market expert said.

People shop at a grocery store in New York City on March 12, 2025. Samira Bouaou/The Epoch Times

Wholesale inflation in April recorded the sharpest drop since the onset of the COVID-19 pandemic, signaling that U.S. tariffs have yet to affect consumers.

Last month, the producer price index (PPI)—a gauge of prices for goods and services paid by businesses early in the supply chain—fell by 0.5 percent, down from the upwardly adjusted zero percent recorded in March.