(MENAFN) According to the US Labor Department, the country's wholesale prices plunged in January on the back of a sharp drop in energy prices, Xinhua reported.
The Producer Price Index (PPI) fell 0.8 percent in January on seasonally adjusted basis, after decreasing 0.2 percent in December. It was the third straight decline.
Energy prices went down 10.3 percent, while food costs decreased 1.1 percent. Excluding the volatile food and energy sectors, the core wholesale prices edged down 0.2 percent.
The Federal Reserve has targeted inflation at 2 percent, which is a key component for it to determine when to raise the interest rate from near zero, the department said.
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