Wholesale prices in October saw their largest drop in 3½ years, suggesting that the worst of the inflation surge may have passed. The producer price index, measuring final-demand costs for businesses, fell 0.5% for the month, surpassing expectations for a 0.1% increase. On a yearly basis, headline PPI increased by 1.3%, down from 2.2% in September. Excluding food and energy, core PPI remained unchanged. The decline in prices was primarily driven by a 15.3% drop in gasoline prices. The report follows the Labor Department's announcement that the consumer price index was unchanged in October.

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