Inflation at the wholesale level moderated more than expected in May, the latest sign that price pressures within the U.S. economy are loosing their grip.

The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, fell 0.2% in May from the previous month. On an annual basis, prices remain up 2.2%. 

Those figures are both lower than the 0.1% monthly increase and 2.5% headline gain forecast by LSEG economists.

This is a developing story. Please check back for updates.