Inflation Pressures Persist

So far, the IRS has received 1 million fewer tax returns than at the same point last year.

Shortly before the Iran war, a key measure of U.S. inflation rose at an excessive pace for the third month in a row, underscoring the latest challenge to the Federal Reserve in trying to squelch stubborn price pressures.

Wholesale prices in May posted the biggest back-to-back increases since 2022 and kept the pressure on businesses as they try to navigate another wave of U.S. inflation.