UNITED STATES NEWS

US producer prices slide 0.5% in October, biggest drop since 2020.

Nov 15, 2023, 6:34 AM

WASHINGTON (AP) — U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease in the face of a year and a half of higher interest rates.

The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers — dropped 0.5% in October from September, biggest drop since April 2020.

On a year-over-year basis, producer prices were up 1.3% from October 2022.

Inflation last year reached heights not seen in four decades, prompting the Fed to raise its benchmark 11 times since March 2022.

In the face of higher borrowing costs, inflation has decelerated sharply. On Tuesday, the Labor Department reported that consumer prices were unchanged from September to October and up 3.2% from a year earlier — smallest year-over-year increase since June. But inflation is still coming in above the Fed’s 2% target.

Despite higher interest rates, the U.S. economy and job market have remained resilient. The combination of a sturdy economy and decelerating inflation has raised hopes that the Fed can manage a so-called soft landing — raising rates just enough to tame inflation without tipping the economy into recession.

United States News

Boeing is now aiming for its first astronaut launch at the beginning of June. Officials for the com...

Associated Press

Boeing’s 1st astronaut flight now set for June after a review of small leak on new capsule

Boeing is now aiming for its first astronaut launch in early June, after spending weeks struggling with more problems on the space capsule.

12 hours ago

Associated Press

Lawsuit filed in the death of dancer with a peanut allergy who died after eating mislabeled cookie

WATERBURY, Conn. (AP) — The estate of a young dancer who died after eating a mislabeled cookie containing peanuts has filed a wrongful death lawsuit, claiming the failure to properly label the package was grossly negligent. Órla Ruth Baxendale, 25, died Jan. 11 after eating a Florentine cookie sold by grocery retailer Stew Leonard’s and […]

13 hours ago

Colorado River settlement center of new Navajo Nation push...

Associated Press

Tribes say their future is at stake as they push for Congress to consider Colorado River settlement

Navajo officials are celebrating the signing of legislation outlining a proposed Colorado River settlement that would ensure water rights.

13 hours ago

Associated Press

Lara Trump touts RNC changes and a 2024 presidential victory for Trump in North Carolina

GREENSBORO, N.C. (AP) — To a room full of Republicans from across North Carolina on Friday, former President Donald Trump railed against the Biden administration and vowed to win in the state for a third time — all over a speaker phone call after his son Eric Trump dialed him on stage. “I just want […]

13 hours ago

Associated Press

Nevada voter ID initiative can appear on 2024 ballot with enough signatures, state high court says

ELKO, Nev. (AP) — An initiative that would amend the Nevada Constitution to require that voters show photo identification at the polls can appear on the 2024 ballot as long as organizers collect enough signatures, the state Supreme Court ruled Friday. Organizers must gather just over 100,000 valid signatures by June 26 for it to […]

14 hours ago

Associated Press

Florida priest accused of biting woman who grabbed Holy Communion wafers during Mass

ST. CLOUD, Fla. (AP) — The Diocese of Orlando is defending a Catholic priest accused of biting a woman who tried to grab Holy Communion wafers during Mass at a central Florida church. The confrontation occurred Sunday afternoon at St. Thomas Aquinas Catholic Church in St. Cloud. Police have forwarded a report to prosecutors accusing […]

15 hours ago

Sponsored Articles

...

DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

...

Day & Night Air Conditioning, Heating and Plumbing

Day & Night is looking for the oldest AC in the Valley

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

US producer prices slide 0.5% in October, biggest drop since 2020.