US inflation at the wholesale level cooled even further last month as energy prices continued to tumble, according to data released Wednesday by the Bureau of Labor Statistics.
The Producer Price Index, which measures the average price changes that businesses pay to suppliers, rose at a slower pace of 0.9% for the 12 months ended in November, down from a 1.2% annual increase in October.
On a monthly basis, prices were unchanged. That’s up from the 0.4% decline the month before.
Economists expected PPI to inch up 0.1% from October and rise 1% on an annual basis, according to Refinitiv estimates.
When stripping out the more volatile food and energy, core PPI was flat for the month, bringing the yearly increase to 2%.
PPI is a closely watched inflation gauge since it captures average price shifts before they reach consumers and serves as a potential signal for the prices consumers ultimately end up paying.
This story is developing and will be updated.
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