(WASHINGTON) — Prices are dropping, albeit slowly. The U.S. Labor Department says wholesale prices decreased 0.2 percent in October.
“The fact that wholesale costs actually went down tells me that inflation pressures are going to be limited and that’s good news for households,” said economist Joel Naroff with Naroff Economic Advisors.
Food prices are actually up, led by more than an 8-percent increase in the price of pork. But the rise was offset by a drop in fuel prices.
“We saw a decline in all sorts of prices,” Naroff said. “It wasn’t just in energy, and that’s a good sign.”
The overall decline was the first one since May.
Copyright 2012 ABC News Radio
Robert Mclean, CNN
Puja Bhattacharjee, CNN
Paul Menser, Bizmojo Idaho
Carrie Snider, EastIdahoNews.com