US wholesale prices drop 0.8% in January

Written By Unknown on Rabu, 18 Februari 2015 | 22.24

US wholesale prices fell by a record amount in January, led by the biggest drop in petrol prices in six years.

THE US Labor Department said on Wednesday that its producer price index declined 0.8 per cent last month, the biggest drop in a data series that goes back to November 2009 when the government changed the calculation methods for its wholesale price index.

Wholesale prices fell a revised 0.2 per cent in December and were also down 0.2 per cent in November.The string of declines reflects tumbling energy costs. For January, petrol prices plunged 24 per cent, the biggest drop since a 25.5 per cent fall in December 2008.Excluding volatile food and energy costs, wholesale prices edged down 0.1 per cent in January after a 0.3 per cent rise for core prices in December.

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