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U.S. Wholesale Prices Rise on Higher Gasoline Costs
Published in Saudi Press Agency on 16 - 11 - 2010

Hijjah, 1431/Nov. 16, SPA -- U.S. wholesale prices rose in October for the fourth consecutive month as the cost of gasoline increased by the most since January, the government reported Tuesday.
The Labor Department said its Producer Price Index (PPI) rose a smaller-than-expected 0.4 percent last month, the same increase as in September and August, driven by a 9.8 percent jump in gasoline prices. The costs of diesel and home heating oil also rose. The PPI is up by 4.3 percent in the past 12 months.
However, there was little sign of inflation in the report. Food prices fell slightly, surprising economists who expected they would rise due to higher costs for grains and other commodities.
Excluding the volatile energy and food categories, "core" PPI fell by 0.6 percent in October-the most in more than four years-underscoring concerns from the Federal Reserve (Fed) about the low-inflation environment.
Worries that low inflation could spiral into a damaging phase of deflation prompted the Fed this month to further ease monetary policy, a step that will see the central bank buy $600 billion worth of government bonds through the middle of 2011.
Core PPI in October was driven by a 4.3 percent drop in the price of light motor trucks and a 3 percent drop in the price of passenger cars. In the past 12 months, core PPI has risen only 1.5 percent.


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