A measure of what businesses pay for supplies fell in August for the fifth month in a row, the Institute for Supply Management said. It also slid to a lowest level in more than two years.
The first sign came in July in the form of tumbling gasoline prices. Now a measure of what businesses pay for supplies is also signaling that inflation is loosening its iron grip on the economy.
The index dropped to 52.5% in August from 60% in the prior month and recent peak of 87.1% in March. It’s now back near pre-pandemic levels.Many manufacturers and other companies say they are still paying high prices for supplies and labor. What’s more, persistent shortages haven’t gone away. That’s also keeping upward pressure on prices.
The yearly increase in U.S. inflation peaked at 9.1% in June before slipping to 8.5% in July after a big drop in gasoline prices.
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