Producer prices fall steep 1.0% in May

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Producer prices fall steep 1.0% in May (by Greg Robb)

WASHINGTON (MarketWatch) - Wholesale prices fell 1.0% in May after seasonal adjustments, with energy prices falling 4.3%, the Labor Department reported Wednesday. This is the steepest drop in the headline PPI and energy prices since July 2009. The producer price index has risen 0.7% in the past year, the government said. This is the lowest annual rate since October 2009. The core PPI - which excludes food and energy prices - rose 0.2% in May. Core prices are up 2.7% in the past year. The drop in headline PPI and the rise in the core rate were very close to estimates of economists surveyed by MarketWatch. The PPI had fallen 0.2% in April, while the core rate was up 0.2%.

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