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.