Wholesale prices unexpectedly fell 0.1%

Wholesale prices unexpectedly declined in December, providing a positive signal for inflation, the Labor Department reported Friday.

The producer price index fell 0.1% for the month and ended 2023 up 1% from a year ago, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for a monthly gain of 0.1%. The index had surged 6.4% in 2022.

Excluding food and energy, core PPI was flat against the estimate for a 0.2% increase Excluding food, energy and trade services, PPI also was up 0.2%, in line with the estimate.

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