The Producer Price Index fell 1.3 percent in April, the biggest decline in the history of the report, said the U.S. Bureau of Labor Statistics.
“In April, over 80 percent of the decrease in the final demand index can be traced to a 3.3-percent drop in prices for final demand goods,” said the report.
A 56.6-percent drop in gasoline prices was reportedly the biggest contributor to the drop. It was the largest drop in that metric since 1947.
Prices for final demand less foods, energy, and trade services were down 0.9 percent in April, also the biggest drop since the bureau has tallied those numbers.