Wednesday, February 8, 2023

US Producer Price Index falls 0.5% in December

The Producer Price Index (PPI) fell 0.5% in December, according to the US Bureau of Labor Statistics, after rising 0.2% in November and 0.4% in October.

In 2022 as a whole, the increase was 6.2%, while in 2021 it was 10%, almost four points higher.

The drop in the PPI is attributed to the price of goods, which fell by 1.6%. In turn, the 13.4% drop in the price of gasoline explains almost half of the contraction in the prices of goods. For its part, the price of services increased by 0.1%.

Producer prices, excluding food, energy and commercial services, grew by 0.1%, when in November they had rebounded by 0.3%. In annual terms, they increased by 4.6% in 2022, after 7% in 2021.

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