US producer prices slide in October

U.S. producer prices for finished goods fell 0.2 percent in October after rising the previous four months, the Bureau of Labor Statistics reported Wednesday. Prices for food items rose 0.4 on a seasonally adjusted basis, while energy prices fell 0.5 percent. Core prices, which excludes both energy and food items because of the price volatility of those categories, fell 0.2 percent month-to-month. On an annual basis, prices were up 2.3 percent in October, consistent with August and September, when 12-month price gains stood at 2 percent and 2.1 percent, respectively. Prices for finished goods in the energy sector turned lower after rising 4.7 percent in September. Most of the decline was prompted by a 2.2 percent drop in gasoline prices, although prices for home heating oil and and liquefied petroleum gas also fell.