Nov 16, 2023 - Economy

Post-pandemic price surge appears finally behind us

Data on inflation
Data: FactSet; U.S. Bureau of Labor Statistics; Chart: Axios Visuals

Annual wholesale price inflation has returned to pre-COVID levels, in another good sign that the post-pandemic price surge really is done and dusted.

Why it matters: The Producer Price Index was up just 1.3% year over year in October — considered something of a leading indicator for the prices that consumers end up paying.

  • This measure, which represents the wholesale prices businesses charge to one another, saw a sharp deceleration from wholesale inflation of more than 11% seen in the middle of 2022.
  • It's now been under 2.5% for seven months.

The bottom line: More good news on prices is the pipeline.

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