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US producer prices fell unexpectedly in October
The US producer price index fell by the most in three and a half years in October amid a sharp fall in the cost of gasoline, in the latest sign of easing inflation pressures.
The Labor Department's Bureau of Labor Statistics said on Wednesday that the producer price index for final demand fell 0.5% last month, the largest decline since April 2020. Data for September was revised down to show the index rising only 0.4% instead of 0.5% as previously reported. .
Economists polled by Reuters expected the index to rise 0.1 percent. During the 12 months to October, the index rose 1.3 percent after jumping 2.2 percent in September. The report followed data on Tuesday showing that consumer prices were unchanged in October.
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