Wholesale prices fell 1 percent in May from April thanks to an 8.9 percent plunge in the price of gasoline.

Wholesale prices fell 1 percent in May from April thanks to an 8.9 percent plunge in the price of gasoline, the Bureau of Labor Statistics reports. The overall decrease is the largest in one month since July 2009.

Excluding the energy and sectors, prices at the wholesale level ticked up 0.2 percent.

Also this morning, the Census Bureau says that retail sales edged down 0.2 percent in May from April. There's a link between that figure and the drop in gasoline prices: The value of sales at gas stations dropped 2.2 percent in May, largely because of the steep drop in gas prices.

As Bloomberg News notes, "spending increased 0.9 percent at clothing stores and 0.8 percent at electronics chains."

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