US wholesale prices drop 0.1 per cent in November, led by falling gas and heating oil costs | iNFOnews | Thompson-Okanagan's News Source

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US wholesale prices drop 0.1 per cent in November, led by falling gas and heating oil costs

FILE - In this Oct 29, 2013 file photo, Sriracha chili sauce is produced at the Huy Fong Foods factory in Irwindale, Calif. The Commerce Department reports on wholesale prices for November on Friday, Dec. 13, 2013. (AP Photo/Nick Ut, File)
December 13, 2013 - 5:34 AM

WASHINGTON - U.S. wholesale prices dropped in November for the third consecutive month, pushed down by cheaper gasoline and home heating oil costs.

The Labor Department says the producer price index, which measures prices before they reach the consumer, declined 0.1 per cent in November. This comes after decreases in October and September. Gas costs tumbled 0.7 per cent last month after a steep drop in October. The costs for new cars also fell 0.8 per cent in November.

Energy costs have kept inflation low over the past 12 months. Prices have risen just 0.7 per cent in that period.

Excluding volatile energy and food prices, wholesale costs increased 0.1 per cent in November and 1.3 per cent in the past 12 months. Low inflation has enabled the Federal Reserve to continue its expansive stimulus measures.

News from © The Associated Press, 2013
The Associated Press

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