A key measure of inflation fell dramatically in February, according to the latest Producer Price Index, which tracks what America’s producers get paid for their goods and services
. Producer price increases slowed to an annual pace of 4.6% last month, significantly down from 6% in January, the Labor Department reported Wednesday. February prices fell by 0.1% after rising 0.7% in January. Economists surveyed by Refinitiv had been expecting the 12-month rise in wholesale prices to slow to a 5.4% increase. Taking out the often volatile food and energy components, core PPI also notched some stark declines: annual price increases dropped to 4.
2% drop in final demand goods, which had spiked 1.2% in January, according to Bureau of Labor Statistics data. The final demand services index was down 0.1%, driven by a 0.8% drop in trade and a -1.1% drop in transportation and warehousing. PPI is one of several closely watched inflation gauges. Because the producer-centric index captures price shifts upstream of the consumer, it’s sometimes looked to as a potential leading indicator of how prices may eventually land at the store level.
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