- Prices paid to producers sank 0.5% in October, core unchanged
- Decline in goods costs led by gasoline, services prices flat
Prices paid to US producers unexpectedly declined in October by the most since April 2020, adding to evidence of abating inflationary pressures across the economy.
The producer price index for final demand decreased 0.5% from a month earlier, a sharp slowdown that’s largely reflective of a decline in gasoline prices. Excluding food and energy, the so-called core PPI was unchanged, government data showed.
From a year ago, the overall measure was up 1.3%, while the core gauge posted the smallest annual increase since the start of 2021.