Wholesale inflation was down 0.5% in December to 6.22% for 2022

Jan. 18 (UPI) -- Wholesale Producer Price Index inflation dropped by 0.5% in December. According to the U.S. Bureau of Labor Statistics, PPI inflation was 6.2% in 2022 compared to 10% in 2021.

Almost half of that wholesale inflation decrease was from a 13.4% drop in gasoline prices. Food prices fell by 1.2%. But chicken egg prices were higher. Electric power prices were also up.

"Prices for final demand goods moved down 1.6 percent in December, the largest decrease since falling 1.8 percent in July," the Bureau of Labor Statistics report said. "Leading the December decline, the index for final demand energy dropped 7.9 percent. Prices for final demand foods decreased 1.2 percent.

Earlier this month the Commerce Department reported consumer prices declined by 0.1% from November levels.

President Joe Biden said in a statement Wednesday that this inflation report is more evidence that "we are making real progress tackling inflation and lowering costs, successfully transitioning from a historic recovery to steady and stable growth."

Biden said inflation is now at its lowest level since March 2021. He said inflation has fallen six months in a row.

"This month, thanks to my economic agenda passed over the last two years, there will be lower prescription costs for our seniors, tax breaks for lower energy bills, strengthened supply chains, and more good jobs that Americans can raise a family on, rebuilding our infrastructure and manufacturing here at home," Biden said.

Gas prices at the pump are higher in January with crude oil prices up by about 8%. According to AAA, regular gasoline pump prices averaged $3.359 nationwide as of Wednesday.

According to the St. Louis Fed, the average retail price for a dozen eggs was $4.25 in December.