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US wholesale prices fell 0.2 percent in October

WASHINGTON (AP) -- Wholesale inflation fell in October as a big drop in gasoline and other energy prices offset a rise in the cost of food.

The Labor Department says wholesale prices dipped 0.2 percent in October. It was the first decline since May and followed big gains of 1.1 percent in September and 1.7 percent in August, increases that had been driven by spikes in energy.

Energy prices retreated a bit in October, dipping 0.5 percent but food costs were up 0.4 percent as the summer drought continued to put pressure on some food prices.

Core prices, which exclude food and energy, fell 0.2 percent in October, the biggest drop in two years. Over the past year, core prices were up a moderate 2.1 percent, evidence inflation remains under control.

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