Wholesale prices dip 0.1 percent in January

WASHINGTON (AP) — U.S. wholesale prices fell for a second straight month in January as energy costs fell sharply again. The monthly declines were more evidence that inflation remains under control.

The Labor Department said Thursday that producer prices, which track changes before they reach the consumer, dipped 0.1 percent in January, matching the 0.1 percent December decline. In both months energy prices fell sharply, dropping 3.8 percent last month after a decline of 4.3 percent in December. Energy prices began falling in November with a 5.1 percent drop.

Over the past 12 months, wholesale prices have risen just 2 percent. That’s the smallest 12-month change since July 2017. Core wholesale prices, which subtract volatile food and energy, were up 2.6 percent over the past 12 months.