U.S. wholesale inflation fell from May to June on plunging energy prices but intensifying hostilities with Iran are clouding the outlook. The Labor Department reported Wednesday that its producer price index — which captures inflation before it reaches consumers — dropped 0.3% from May. Compared to a year earlier, it was up 5.5% in June, decelerating from a 6% increase the month before. Excluding volatile food and energy prices, so-called core wholesale prices were up 4.7% from June 2025 and 0.2% from May.