U.S. Producer Prices Fall 0.5% In September On Cheaper Gas

U.S. wholesale prices fell a seasonally adjusted 0.5% in September, largely because of the biggest drop in gasoline since the first month of the year. Economists surveyed by MarketWatch had predicted a seasonally adjusted 0.2% decrease in the producer price index. Excluding the volatile categories of food, energy and trade, core prices dipped 0.3%, the Labor Department reported Wednesday. The price of goods sank 1.2% while services declined 0.4%. Over the past year overall producer prices have fallen an unadjusted 1.1%, and the year-over-year increase has been negative for eight straight months. Core wholesale prices are up 0.5% in the past 12 months, however.