US wholesale prices up 0.4 per cent in December, driven by higher gas and heating oil costs - InfoNews

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US wholesale prices up 0.4 per cent in December, driven by higher gas and heating oil costs

FILE- In this March 1, 2013 file photo, a truck drives past stacks of containers that were unloaded from a ship at the Port of Baltimore's Seagirt Marine Terminal in Baltimore. The Commerce Department reports on wholesale prices for December on Wednesday, Jan. 15, 2014. (AP Photo/Patrick Semansky, File)
January 15, 2014 - 5:33 AM

WASHINGTON - U.S. wholesale prices increased in December, pushed up by rising gasoline prices and energy costs. But overall inflation remained mild.

The Labor Department says the producer price index, which measures costs before they reach the consumer, rose 0.4 per cent last month. That ends three straight months of falling wholesale prices.

Gas prices reversed recent declines and increased 2.2 per cent last month. Home heating oil costs grew at the fastest pace in 10 months, while diesel fuel prices increased at the biggest clip in almost four years.

Over the past 12 months, relatively low energy costs have kept inflation tame. Prices have risen a modest 1.2 per cent in that period.

Excluding volatile energy and food prices, wholesale costs increased 0.3 per cent in December and 1.4 per cent year over year.

News from © The Associated Press, 2014
The Associated Press

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