US wholesale prices drop record 1.3% in April
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May 13, 2020
WASHINGTON (AP) — Wholesale prices slid a record 1.3% in April led by a 19% plunge in the cost of energy, further signaling the potential threat of deflation in the United States.
The Labor Department said that its producer price index, which measures inflation before it reaches the consumer, fell by the largest level on records dating to 2009 as the disruptions from the coronavirus pandemic rattled the U.S. and the global economy.
The report Wednesday comes one day after the U.S. said consumer prices declined 0.8% in April, the steepest month-to-month fall since the 2008 financial crisis.
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