Over 80% of the decrease in goods prices was due to a 15.3% slump in the cost of gasoline. Services costs, meanwhile, were flat after rising six straight months.

While the cost of labor and many other inputs remain elevated, annual producer price growth has eased since early 2022 amid normalizing supply chains and a broader shift in consumer spending toward services.

Wednesday’s reports “feeds the soft landing narrative with subdued price pressures and resilience in activity,” James Knightley, chief international economist at ING Financial Markets, said in a note.

This article was provided by Bloomberg News.

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