The producer price index was expected to decrease 0.1% in December, according to Dow Jones estimates.
Prices for wholesale goods and services fell sharply in December, providing another sign that inflation, while still high, is beginning to ease.
The producer price index, which measures final demand prices across hundreds of categories, declined 0.5% for the month, the Labor Department reported Wednesday. Economists surveyed by Dow Jones had been looking for a 0.1% decline.A sharp drop in energy prices helped bring the headline inflation reading down for the month. The PPI's final demand energy index plunged 7.9% on the month. Within that category, wholesale gasoline prices fell 13.4%.
Still, the general trend in inflation has been slightly lower. The consumer price index decreased 0.1% in December, though it was still up 6.5% from a year ago – 5.7% excluding food and energy. CPI gauges the prices that consumers pay at the marketplace, while PPI measures what business pay for goods and services.Retail sales fell 1.1% in December, slightly more than the 1% forecast.
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