November 27th, 2020

US wholesale prices up 0.3% in October


By Martin Crutsinger, The Associated Press on November 13, 2020.

FILE - In this Dec. 12, 2019, file photo workers process chickens at the Lincoln Premium Poultry plant, Costco Wholesale's dedicated poultry supplier, in Fremont, Neb. U.S. wholesale prices rose 0.3% in August 2020, just half the July gain, as food and energy prices decline. The Labor Department said Thursday, Sept. 10 that the August advance in the producer price index — which measures inflation before it reaches consumers — followed a 0.6% surge in June which was the biggest monthly gain since October 2018. (AP Photo/Nati Harnik, File)

WASHINGTON – U.S. wholesale prices rose moderately in October as food costs jumped by the largest amount in five months.

The Labor Department reported Friday that its producer price index, which measures inflation pressures before they reach the consumer, increased 0.3% last month, slightly lower than the 0.4% gain in September.

Food costs rose 2.4%, the biggest increase since a 5.6% surge in May that was tied to shortages caused by the coronavirus pandemic.

The report on wholesale prices followed a report Thursday that retail prices showed no change in October and consumer inflation has risen just 1.2% over the past 12 months.

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