Economic Watch: Producer Price Index Sinks, Core Prices Up
Prices at the wholesale level fell in December from the month before, the biggest drop since October 2011, due in large part to declining fuel prices.
Prices at the wholesale level fell in December from the month before, the biggest drop since October 2011, due in large part to declining fuel prices.
A new U.S. Labor Department report also shows the Producer Price Index increased 1.1% for all of last year, compared to a 1.2% increase in 2013.
Core prices, those excluding the volatile food and energy sectors, show the PPI rose 0.3% in December from November while it is up 2.1% over the past year.
The report comes a day before the federal government releases the latest Consumer Price Index, a more closely watched gauge of inflation, with one consensus forecast calling for a 0.4% drop in December from the month before.
Thursday’s report and the one expected Friday will likely show inflation in the U.S. is well below the Federal Reserve’s target of 2% annually. This could possibly delay the central bank’s plan to increase short term interest rates about mid-year from near 0%, where they have been since late 2008, as part of an effort to stimulate the economy.
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