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US November wholesale inflation remains steady, indicating gradual decrease in prices
Image credit: Wikimedia .org

US November wholesale inflation remains steady, indicating gradual decrease in prices

| @indiablooms | 13 Dec 2023, 11:05 pm

Washington: The November wholesale inflation in the United States remained steady, indicating a gradual easing of price increases in the economic pipeline, AP reported.

According to the Labor Department's report on Wednesday, the producer price index, which monitors inflation before it impacts consumers, showed no change from October to November, following a 0.4% decline the previous month, it said.

On a year-over-year basis, producer prices increased by a modest 0.9% from November 2022, marking the smallest rise since June.

When excluding volatile food and energy costs, referred to as core wholesale prices, there was no change from October, and the year-over-year increase was a mere 2%—the least substantial year-over-year growth since January 2021, it added.

Prices for goods remained constant from October to November, influenced by a 4.1% decrease in gasoline prices. Service prices also showed no change.

The Federal Reserve is anticipated to announce on Wednesday, following its latest policy meeting, that it will keep its benchmark rate unchanged for the third consecutive meeting, the report said.

Most economists predict that the Fed has concluded its rate hikes and anticipate a potential reduction in rates sometime next year.

On Tuesday, the Labor Department disclosed that consumer prices experienced a modest 0.1% increase last month from October and a 3.1% rise from the same period a year earlier.

However, core prices, considered by the Fed as a more reliable gauge of future inflation, showed greater resilience, increasing by 0.3% from October and by 4% from November 2022.

While year-over-year consumer price inflation has significantly decreased from its four-decade high of 9.1% in June 2022, it still remains above the Fed's 2% target.

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