Wholesale inflation in US slowed further in December to 6.2%

Wholesale prices in the United States rose 6.2% in December from a year earlier, a sixth straight monthly slowdown and a hopeful sign that inflation pressures will continue to cool, according to a report from the Associated Press.

The latest year-over-year figure was down from 7.3% in November and from a recent peak of 11.7% in March. On a monthly basis, the government said Wednesday that its producer price index, which measures costs before they reach consumers, dropped 0.5% from November to December.

The monthly drop in wholesale prices was led by gas prices, which sank 13.4% from November to December. Gas prices averaged $3.36 a gallon Wednesday, according to AAA, down from a peak of $5 a gallon in mid-June.