US wholesale price goes down

Washington, May 16 (IANS) US wholesale prices continued to fall in April for the second consecutive month, due to declines of food and energy prices, US Labor Department reported.

The Producer Price Index (PPI), which measures price changes at factory gates, dipped 0.7 percent last month on seasonally adjusted basis, reported Xinhua.

Energy prices went down 2.5 percent last month after dropping 3.4 percent in March. They were mainly dragged down by a drop of 6.0 percent in gas price last month.

Meanwhile, food costs edged down 0.8 percent last month after gaining 0.8 percent in March.

Excluding the volatile food and energy sectors, the so-called “core” wholesale prices ticked up 0.1 percent last month from March, which indicated the general inflation pressure is still tamed.

The wholesale prices rose 0.6 percent over the past 12 months ending April.

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