Summary Box: Food price drop could bring relief

AP News
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Posted: Jun 14, 2011 5:26 PM
Summary Box: Food price drop could bring relief

FOOD PRICE DROP: Wholesale food prices fell 1.4 percent in May, the steepest drop in almost a year. Gas prices are also declining, which should provide relief for consumers, who are spending less on other items as gas and food have eaten up more of their budgets.

HIRING COULD IMPROVE: Also Tuesday, a private survey found that the CEOs of big U.S. companies are feeling more optimistic and plan to hire more in the second half of this year.

MORE GROWTH: Lower prices and more jobs would give consumers more money to spend and could rejuvenate the economy later this year.