Market Updates
Wholesale Price Inflation Slowed In December After Energy Prices Dropped
Brian Turner
18 Jan, 2023
New York City
Wholesale prices rose at a slower pace in nearly two years, largely on the account of the decline in energy prices, the Labor Department reported Wednesday.
The producer price index rose 6.2% in December from a year ago and declined 0.5% from the previous month.
On a monthly basis, the price decline was the largest since April 2020 and the annual pace of inflation was the smallest since March 2021.
The sharp decline in energy prices by 7.9% on the month dragged the inflation index lower. Gasoline price index, a subcategory in the energy price index, dropped 13.4%.
Food price index also decreased 1.2%.
The core PPI, which excludes food and energy, increased 0.1%.
Despite the goods price moderation trend in recent months, prices for services and wages have been on the rise.
Looking ahead, the inflation trend could be reversed since gasoline prices at pump stations and crude oil prices have edged up 8% and 1.8% in the month so far.
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