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Wholesale inflation unexpectedly tumbles 0.5% in March

The Labor Department said Thursday the producer price index tumbled 0.5% in March, evidence that price pressures in the economy are beginning to abate.

Inflation at the wholesale level posted another surprise decline in March, the latest sign that painfully high consumer prices are beginning to loosen their stranglehold on the U.S. economy.

The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, fell 0.5% in March from the previous month. On an annual basis, prices are up 2.7%.

This is a developing story. Please check back for updates.

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