Slowed rise in wholesale prices in October points to softening U.S. inflation
The numbers: U.S. wholesale prices rose just 0.2% in October, a fourth straight soft reading that suggests inflation is on the wane after hitting a 40-year high earlier in the year.The increase in wholesale prices over the past 12 months slowed to 8% from 8.4% in the prior month. It had peaked at 11.7% in March.
The cost of services fell slightly, however, in a positive sign. Service inflation has risen sharply in the past year and is harder to reverse, making it a particularly big worry of the Fed. The PPI report reflects what companies pay for supplies such as grains, fuel, metals, lumber, packaging and so forth. These costs are often passed on to customers at the retail level.
Inflation is cooling off partly because the Federal Reserve is rapidly raising interest rates. Higher borrowing costs slow the economy and tend to reduce inflation.
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