Home | News | World News | US producer prices fell in September because of cheaper gas

US producer prices fell in September because of cheaper gas

By Associated Press

Published: 07:46 EST, 14 October 2015 | Updated: 07:46 EST, 14 October 2015

WASHINGTON (AP) — Prices fell for manufacturers, farmers and other producers in September, as lower energy costs have limited broader inflation.

The Labor Department says the producer price index, which measures price changes before they reach the consumer, dropped 0.5 percent last month after being unchanged in August. Excluding the volatile food and energy categories, core prices tumbled 0.3 percent in September.

Wholesale prices have decreased 1.1 percent from a year ago, with September marking the eighth straight 12-month decline. Gasoline costs fell a sharp 16.6 percent, while food prices slid 0.8 percent.

The meager inflation creates an obstacle for the Federal Reserve's plans to raise interest rates. The Fed wants price increases closer to its 2 percent target before lifting rates, potentially as soon as its meeting this month.

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