The headline producer price index fell 0.5% in October, the largest decline since April 2020

Last updated: November 15, 2023 at 8:50 a.m. ET

First Published: November 15, 2023, 8:37 a.m. ET

The numbers: The producer price index fell 0.5% in October, the Labor Department reported Tuesday. This is down from the 0.4% increase in October and the largest decline since April 2020.

Economists polled by The Wall Street Journal had expected a 0.1% rise.

The core producer price index, which excludes volatile food, energy and trade prices…

Numbers: The Labor Department said Tuesday that the producer price index fell 0.5% in October. This is down from the 0.4% increase in October and the largest decline since April 2020.

Economists polled by The Wall Street Journal had expected a 0.1% rise.

The core producer price index, which excludes volatile food, energy and business services prices, rose 0.1% in October, down from a gain of 0.3% the previous month.

Over the past year, the headline producer price index rose 1.3% in October, down from 2.2% the previous month.

Core prices rose 2.9% from a year earlier, up/down from 3% in October.

Key details The cost of goods fell 1.4% in October after rising 0.8% the previous month.

The cost of services stabilized last month, down from a 0.2% gain in September.

Energy prices fell 6.5% in October, down from their 3.1% gain the previous month.

Wholesale food prices fell 0.2% after rising 0.7% in the previous month.

The Big Picture: The data was pleased with the decline in energy and food prices. But expected inflation appears weak.

Market reaction: DJIA SPX stocks are set to open higher on Wednesday while 10-year Treasury yields stabilize

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BX:TMUBMUSD10Y rose to 4.51% in early morning trading.

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