×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: wholesale inflation | producer price index | ppi | federal reserve

Wholesale Prices Slide 0.5%, Biggest Drop Since 2020

Wholesale Prices Slide 0.5%, Biggest Drop Since 2020

Electronics shoppers at a Best Buy store in Chicago (Kamil Krzaczynski/Getty Images)

Wednesday, 15 November 2023 08:42 AM EST

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.

In the face of higher borrowing costs, inflation has decelerated sharply. On Tuesday, the Labor Department reported that consumer prices were unchanged from September to October and up 3.2% from a year earlier — smallest year-over-year increase since June. But inflation is still coming in above the Fed's 2% target.

Despite higher interest rates, the U.S. economy and job market have remained resilient. The combination of a sturdy economy and decelerating inflation has raised hopes that the Fed can manage a so-called soft landing — raising rates just enough to tame inflation without tipping the economy into recession.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


StreetTalk
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.
wholesale inflation, producer price index, ppi, federal reserve
184
2023-42-15
Wednesday, 15 November 2023 08:42 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved