WASHINGTON (AP) - A sharp drop in the cost of gasoline and food pushed down overall U.S. producer prices in April.
The Labor Department said Thursday that its producer price index fell 0.4 percent last month after rising 0.2 percent in March. But even excluding volatile food and energy categories, the core index slipped 0.2 percent last month, brought down in part by lower shipping costs.
The index measures prices of goods and services before they reach consumers.
Over the past year, wholesale prices have dropped 1.3 percent, the most since Labor revamped the index in late 2010.
Wholesale energy prices dropped 2.9 percent from March, pulled lower by a 4.7 percent drop in gasoline prices. Food prices slid 0.9 percent last month; wholesale egg prices plunged 25.3 percent, most since June 2007.
Core producer prices were also brought down last month by a sharp drop in markups charged by gasoline wholesalers and retailers.