Lower Energy Costs Push Prices Down In January

Bureau of Labor Statistic reports that its Producer Price Index was down 0.6 percent in January.

The Bureau of Labor Statistic’s Producer Price Index dropped 0.6 percent in January, its lowest level in three months.

The drop follows two increases in November and December of 1.8 percent and 0.9 percent, respectively.

Lower gasoline, natural gas and home heating oil prices pushed the energy sector down 4.6 percent. In December, the sector was up 2.2 percent.

Prices for materials for durable manufacturing were down 0.6 percent in January, continuing its decline in December. Prices for materials for nondurable manufacturing slipped 0.1 percent after a 0.5 percent decrease in December.

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