Prices at the wholesale level rose 8% in October from a year ago, the fourth straight decline and the latest sign that inflation pressures in the United States are easing from painfully high levels.
FILE - A fuel delivery truck advertises its price for a gallon of heating oil, Oct. 5, 2022 in Livermore Falls, Maine. The Labor Department releases the Producer Price Index for October on Tuesday. – Prices at the wholesale level rose 8% in October from a year ago, the fourth straight decline and the latest sign thatThe annual figure is down from 8.4% in September.
“The improvement in the October inflation data, if it persists, supports the Fed’s expectation of a step down in the pace of increases going forward,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics, a forecasting firm. Excluding the volatile food and energy categories, core producer prices were unchanged in October from September, the lowest reading in nearly two years. Core prices increased 6.7% last month from a year ago, down from a 7.1% annual rate in September.
The report follows last week's better-known consumer price index, which showed that year-over-year inflation cooled to a slower-than-expected 7.7% in October, down from 8.2% in September. And excluding volatile food and energy costs, that report also said that core prices rose just 0.3% in October from the previous month, half the increase of the previous two months.
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