U.S. wholesale prices down 0.3 % in October

U.S. businesses paid less in Oct. this year for energy and wholesale goods, as the nation's wholesale prices declined 0.3 percent, reported the Labor Department on Tuesday. In October, the growth of the Producer Price Index (PPI), which measures price changes before they reach consumers, decreased mainly because of lower energy prices. The PPI index increased 0.8 percent in Sept. and kept flat in August, said the department. Last month, energy prices dropped 1.4 percent after rose 2.3 percent in the previous month. Food costs edged up 0.1 percent in October. Over the past 12 months ending October, wholesale prices rose 5. 9 percent, the smallest year-over-year advance since a 5.6 percent rise in March 2011. Excluding the volatile food and energy sectors, the so called " core" wholesale prices unchanged in October, the lowest level since Dec. in 2010.