U.S. Producer Prices See Largest Monthly Drop Since 2020 as Gasoline and Food Costs Decline
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U.S. producer prices fell 0.5% in October, the largest decrease since April 2020.
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The drop was mainly due to a 15.3% plunge in gasoline prices.
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Food prices also fell 0.2% in October.
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Excluding food and energy, core producer prices edged up just 0.1%.
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Over the past 12 months, producer prices have risen 1.3%, indicating easing inflation pressures.