News Summary: US wholesale prices fell in October

Associated Press
A woman shops for groceries by flashlight in the Tribeca neighborhood of New York, Tuesday, Oct. 30, 2012. Wholesale prices fell in October as a big drop in gasoline and other energy prices offset a rise in the cost of food. Wholesale prices dipped 0.2 percent last month, the Labor Department said Wednesday, Nov. 14. 2012. It was the first decline since May and followed big gains of 1.1 percent in September and 1.7 percent in August, increases that had been driven by spikes in energy. (AP Photo/Richard Drew)

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PRICE DROP: Wholesale prices fell 0.2 percent in October, the first decline since May, as a big drop in gasoline and other energy prices offset a rise in the cost of food, the Labor Department said Wednesday.

THE DETAILS: Energy prices retreated a bit in October, dipping 0.5 percent. That included a 2.2 percent drop in gasoline prices, the biggest since July, and a 3.3 percent decline in home heating oil costs. Food costs were up 0.4 percent as the summer drought continued to put pressure on some food prices.

THE OUTLOOK: Core prices, which exclude food and energy, also fell 0.2 percent in October, the biggest drop in two years. Over the past year, core prices were up a moderate 2.1 percent, evidence inflation remains under control.

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