US producer prices slide 0.5% in October, biggest drop since 2020.
U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease in the face of a year and a half of higher interest rates
By PAUL WISEMAN
Published - Nov 15, 2023, 08:36 AM ET
Last Updated - Nov 15, 2023, 10:32 AM EST
WASHINGTON (AP) — U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease in the face of a year and a half of higher interest rates.
The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers — dropped 0.5% in October from September, biggest drop since April 2020.
On a year-over-year basis, producer prices were up 1.3% from October 2022.
Inflation last year reached heights not seen in four decades, prompting the Fed to raise its benchmark 11 times since March 2022.
