Producer Price Index Slips in May
WASHINGTON, D.C. (WJON News) - We’re paying less for everyday items today than we were a year ago.
The Producer Price Index, released Wednesday fell 0.3 percent in May.
Officials with the Bureau of Labor Statistics say the decline in the Price Index was led by an almost 14-percent drop in gasoline, along with price drops in diesel fuel, chicken eggs, fresh and dry vegetables, and iron.
Officials say almost half of the price drop in daily purchases can be linked to an almost 14% drop in the price of diesel fuel from May of last year.
The Price Index for services inched slightly higher, led by profit margins in auto sales and service, but the price for truck transportation fell.
The Producer Price Index measures the average change over time for domestically produced goods, services, and construction.
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