The Producer Price Index, which measures the average price changes that businesses pay to suppliers, fell 0.5% on a monthly basis. It’s the largest monthly drop since April 2020, when the rapidly spreading Covid-19 virus caused a sharp economic contraction. When stripping out the volatile food and energy categories, core PPI was unchanged for the month, bringing the yearly increase to 2.4%. On Tuesday, the October Consumer Price Index showed that US consumer prices were unchanged for the month, contributing to a slowdown in the annual inflation rate to 3.2%. “Fed officials are getting to keep their cake and eat it too, so far with economic growth and inflation cooling.

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Persons: Price, ”, Chris Rupkey, Andrew Butters, “ There’s, ” Butters, we’ve Organizations: Minneapolis CNN, Bureau of Labor Statistics, PPI, FwdBonds, “ Fed, CPI, Indiana University Kelley School of Business, Fed, CNN Locations: Minneapolis