US Producer Prices Slid In 0.5% In October, Biggest Drop Since 2020

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.

On a year-over-year basis, producer prices were up 1.3% from October 2022.