The U.S. Producer Price Index for finished goods fell for the third consecutive month in November, the Bureau of Labor Statistics reported Friday.
Producer prices have dropped in six of the past 12 months, averaging less than a 0.1 percent gain per month over the past year, a sign of weak demand as strong demand tends to push prices higher.
For the second month in a row energy prices pushed the decline. In November, energy prices for producers dropped 0.4 percent, while food prices were steady. Core prices, which excludes the volatile categories of energy and food, rose 0.1 percent.
Core price gains over the past 12 months have averaged slightly over 0.1 percent.
Prices for goods in the intermediate stage of production -- down in five of the past 12 months -- dropped 0.5 percent in November after falling 0.4 percent in October.
Prices for raw materials fell 2.6 percent in November, the sharpest drop in over a year and the sixth monthly drop since December 2012.
Copyright 2013 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- U.S. to Relinquish Gov't Control Over Internet
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Quiznos Files for Chapter 11