WASHINGTON – Cheaper gas drove down a measure of wholesale prices in November for the second straight month, a sign inflation remains in check.
The Labor Department says the producer price index fell 0.8 percent last month, the steepest drop since May. That follows a 0.2 percent decline in October. The index measures the cost of goods before they reach the consumer.
Gas prices fell last month by the most in more than three years. Food prices, however, rose by the most in nearly two years, pushed higher by costlier beef and vegetables.
In the past year, wholesale prices have increased 1.5 percent. That's the lowest annual pace in four months.
Excluding volatile food and gas, core producer prices ticked up 0.1 percent in November and 2.2 percent in the past year.