ZH: Huge gasoline price drop sparks biggest US PPI plunge since Covid lockdowns

ZERO HEDGE writes:

After four months of re-acceleration, US producer prices tumbled in October – down 0.5% MoM, the biggest drop since April 2020. This dragged Final Demand PPI YoY down to 1.3%…

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The sharp slowdown was largely reflective of a decline in gasoline prices, as excluding food and energy, the so-called core PPI was unchanged (and the smallest annual increase since the start of 2021).

Over 80% of the decrease in goods prices was due to a 15.3% slump in the cost of gasoline, the government report.

The full post can be found here.