US producer prices rise 0.2 percent in October

WASHINGTON (AP) — Inflation picked up in October due to higher prices that U.S. companies received for new model cars, beef, pork, pharmaceuticals and electric power.

The producer price index increased 0.2 percent in October from the previous month, the Labor Department said today. The index measures the cost of goods and services before they reach the consumer.

Prices for many products climbed even as wholesale gas costs plummeted 5.8 percent last month. Automakers contributed to inflation by introducing 2015 car models, while beef prices jumped 6 percent and pork prices surged 8.1 percent.

Excluding the volatile categories of food and energy, prices rose 0.4 percent in October.

Ongoing declines in fuel prices have been a benefit for most Americans. Over the past month, average gas prices nationwide have plunged nearly 8 percent to $2.89 a gallon, according to the AAA Daily Fuel Gauge.