Left-wing media wants you to believe that inflation is out of control.

The Trump Administration says that inflation is actually slowing.

So, who do you believe? Well, in this case, definitely the Trump Administration.

Wholesale inflation dropped last month as gas prices reversed some of their Iran war spike and other costs also cooled, a sign that consumer inflation could grind lower in the months ahead.

The Labor Department’s producer price index — which captures inflation before it reaches consumers — rose 4.7% in July from a year ago, down from a much larger 5.5% increase in June.

The figures follows the government’s consumer price inflation report, released Wednesday, which also showed a cooling last month.

Excluding the volatile food and energy categories, core wholesale inflation dropped to 4.2% in July compared with a year earlier, down from 4.7% in June.

Last month’s cooling gives Federal Reserve officials more leeway to avoid a rate hike when it meets next in September. Fed officials are debating whether they should raise their key interest rate to combat inflation, or keep it unchanged in hopes that inflation continues to cool on its own.

Wholesale prices can offer an early look at where consumer inflation might be headed. Economists also watch it because some of its components, notably healthcare and financial services, flow into the Fed’s preferred inflation gauge — the personal consumption expenditures, or PCE, index. That price index will be released later this month.

The Associated Press contributed to this report.