US producer prices fell in December for the third consecutive month

(CNN)– There is another sign of easing inflation.

A new Bureau of Labor Statistics report shows that on a monthly basis, producer prices fell .1% in December.

That marks the third straight month of declines.

Economists were expecting a monthly gain of .2%.

The producer price index also shows wholesale inflation inched up to 1% annually in December which is up from November’s .8% reading.

But that still represents a sharp decline from the 6.4% rate in December 2022.