A closely watched indicator of inflation posted its lowest index of 2013 but remained ahead of its one-year average for the 22nd consecutive week. This was the third straight week-to-week decline.
The Journal of Commerce-Economic Cycle Research Institute index registered 125.97 for the week ended May 3, down just over half of a point from 126.5332 last week.
The index's growth rate, which compares the latest week's index with its average over the previous 52 weeks, was 5.403 percent. The growth rate has been in positive territory since Dec. 7.
The index, compiled by the Economic Cycle Research Institute, is based on prices of a broad assortment of raw materials used in industrial production. Since its creation in the mid-1980s the IPI has been a leading indicator of industrial production and inflation rates.