Wholesale prices drop at end of 2022 in another sign of slowing inflation
The numbers: U.S. wholesale prices sank 0.5% in December mostly due to cheaper food and gasoline, extending a string of low readings and adding further proof that high inflation is fading.
It was the biggest decline since April 2020, when the U.S. economy shut down to try to contain the coronavirus outbreak.The low reading gave a small boost to U.S. stocks in premarket trades and sent yields on the 10-year Treasury note slightly lower. The increase in these so-called core prices over the past year decelerated to 4.6% from 4.9%. That’s also the lowest level in a year.In another good sign, the cost of food also sank 1.2% to mark the biggest decline in two years.
The PPI report reflects what companies pay for supplies such as grains, fuel, metals, lumber, packaging and so forth. These costs are often passed on to customers at the retail level and give an idea of whether inflation is rising or falling.
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