US producer prices fell for the second consecutive month in April, driven by a fall in gasoline prices, the Labor Department reported Wednesday.
The producer price index, an indicator of wholesale inflation, fell 0.7 percent in April, following a 0.6 percent decline in March, the department said.
Most of the decline stemmed from a 2.5 percent decrease in prices for finished energy goods, including a 6.0 percent drop in gasoline prices.
Excluding foods and energy, the core PPI edged up 0.1 percent from March, half the monthly rate of increase during the prior four months.
Falling vegetable and meat prices drove consumer foods prices down 0.8 percent, the biggest drop since May 2011, when they fell 0.8 percent.
On a 12-month basis, prices for finished goods rose 0.6 percent, the lowest year-on-year rise since a 0.5 percent gain in July 2012.
The data offered fresh evidence that inflationary pressures remain subdued despite the Federal Reserve’s massive bond-purchase program.
US producer prices fall for second straight month
