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FXstreet.com (Barcelona) - Inflation at producer levels has posted a well larger than expected decline in October, due, mainly, to a sharp decline in crude oil products, according to data released by the US Labor Department.
Producer prices Index for finished goods has fallen 2.8% from September to October, while it has increased 5.2% since October 2007, market analysts had advanced a 1.8% monthly decline and a 6.2% year on year increase.
October's has been the third consecutive decline in producer prices and the larger one, as prices fell by 0.4% and 0.9% in September and August respectively.
The main reason for the decline has been the 12.8% fall on prices for energy goods, with gasoline prices declining 24,.9%. Excluding energy and food, producer prices for all other products have increased 0.4% in October, the same increment as in September.
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