Wholesale inflation in the US decreased in October after three months of increasing energy costs, according to data from the Bureau of Labor Statistics. The Producer Price Index, which measures price changes for businesses, dropped by 0.5% on a monthly basis, marking the largest monthly decline since April 2020 during the Covid-19 pandemic. This turnaround is in contrast to the 0.4% increase in September, with energy prices falling by 6.5% and gasoline dropping by 15.3% in October. On an annual basis, the PPI rose by 1.3% in October, down from a 2.2% increase in September. Economists had anticipated a 0.1% increase from September and a 1.9% rise from the previous year. The core PPI, excluding food and energy, remained unchanged for the month, leading to a 2.4% increase on an annual basis. The PPI is an important indicator of inflation as it reflects price changes before they affect consumers. This decline in wholesale inflation is a positive development in the Federal Reserve's efforts to control high inflation.
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