US producer prices nudge lower in December

US producer prices fell in December, led lower by energy, according to data released by the Department of Labor.

The producer price index nudged down 0.2% compared with a 0.3% rise in November and in line with economists’ expectations.

Excluding food and fuel, producer prices were up 0.1% on the month.

Food prices fell 1.3%, while energy costs dropped 3.4%.

On the year, prices slid 1% compared with a 1.1% drop in November, also in line with consensus estimates, and marking the 11th consecutive year-on-year fall.

The producer price index gauges the prices companies receive for goods and services.