U.S. wholesale prices fell 2.2 percent in November, the fourth consecutive monthly decline, driven by retreat in costs for gasoline and other energy products, the Labor Department reported Friday.
The November decline in the department's producer price index, a measure of inflation at the wholesale level, followed a record 2.8 percent decrease in October and was larger than the 2 percent drop expected by economists.
Wholesale prices declined by 0.9 percent in August and 0.4 percent in September respectively.
In November, energy prices fell 11.2 percent after having dropped by an even bigger 12.8 percent in October. That reflected a record 25.7 percent plunge in gasoline prices, as well as sharp declines in the costs of home heating oil and liquefied petroleum gas, such as propane.
Food prices, meanwhile, were flat in November, following a 0.2 percent decline in October. Prices for pork and eggs fell last month while costs for beef and veal, and vegetables were rising.
Excluding volatile energy and food costs, the core inflation edged up 0.1 percent in November, matching economists' expectations. The tiny gain last month came after core prices had gone up a brisk 0.4 percent in the prior three months.
The readings on wholesale prices reflect cost pressures before they reach the consumer.
Source:Xinhua
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