U.S. wholesale prices fell for the third month in a row in December, propelled by falling food and gas costs. The drop is the latest evidence inflation is tame, which means consumers have more money to spend. Low inflation also gives the Federal Reserve more freedom to keep interest rates low.
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The seasonally adjusted consumer price index dropped 0.3 percent in November from October, the Labor Department said Friday. Gas prices fell 7.4 percent, the steepest drop in nearly four years. That offset a 0.2 percent rise in food prices.
U.S. consumer prices were flat in June as the cost of gasoline dropped, offering some relief for cash-strapped Americans and scope for the Federal Reserve to ease monetary policy further to help the faltering recovery.
A steep drop in gasoline costs drove down a measure of U.S. wholesale prices in May by 1%, the most since July 2009. But outside the food and energy categories, prices increased moderately.