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Wholesale prices plunge 0.7 percent in December

Friday, Jan. 14, 2005 | 9:43 a.m.

WASHINGTON -- Prices at the wholesale level, helped by the largest drop in energy prices since April 2003, fell by 0.7 percent in December while output at the nation's factories, mines and utilities soared by 0.8 percent, the government reported.

The Federal Reserve said that the December jump in industrial production matched a similar 0.8 percent gain in October and was far above a modest 0.2 percent rise in November, allowing manufacturers to end the year on a solid note.

The 0.7 percent drop in wholesale prices last month was a much better performance than economists had been expecting.

In another report, the Commerce Department said that inventories held by businesses on shelves and backlots rose by 1 percent to a seasonally adjusted $1.275 trillion in November.

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