Summary Box: Wholesale prices fall 0.3 percent in May as energy and food prices both drop

WHOLESALE PRICES: Wholesale prices fell 0.3 percent in May, the second straight decline, the first time that has happened in a year. Energy prices fell for the third time in the past four months and food costs dropped by the largest amount in 10 months.

CORE INFLATION: Prices excluding energy and food rose 0.2 percent in May and are up a moderate 1.3 percent over the past year.

PRICE OUTLOOK: Economists believe the deep recession has banished inflation worries for the time being, giving the Federal Reserve leeway to keep interest rates at record lows to jump-start economic growth.