US producer prices slide 0.5% in October, biggest drop since 2020.

Published November 15, 2023 5:34 AM

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease in the face of a year and a half of higher interest rates. The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers — dropped 0.5% in October from September, biggest drop since April 2020. UOn a year-over-year basis, producer prices were up 1.3% from October 2022.

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