US producer prices fall in November

Written By Unknown on Kamis, 13 Desember 2012 | 23.44

US producer prices have fallen for the second straight month in November, the Commerce Department reports, losing 0.8 per cent in a sign inflation pressures remain muted in the economy.

The main pull downward was a 4.6 per cent drop in energy prices; food prices rose 1.3 per cent.

Stripped of those two volatile components, the rate was an increase of just 0.1 per cent, the department said on Thursday.

Year-on-year, the producer price index for finished goods was up just 1.5 per cent, after three months at or above two per cent.

Inflation has become less of a concern for policymakers despite four years of extremely easy-money policies of the central bank.

On Wednesday the Federal Reserve underscored that point by tying its interest rates more closely to the jobless rate, saying that as long as medium-term inflation expectations remained moderate - below 2.5 per cent - it would not begin raising its benchmark interest rate until unemployment fell below 6.5 per cent.

The jobless rate was 7.7 per cent in November.


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