U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, bolstering some economists’ predictions for a brief period of deflation as the novel coronavirus depresses demand. The report from the Labor Department on Wednesday followed data on Tuesday showing consumer prices dropping by the most since the 2007-09 Great Recession, and a measure of underlying inflation posting a record decline. It also came as Federal Reserve Chair Jerome Powell cautioned the economy could face an “extended period” of weak growth and stagnant incomes. Lockdowns to slow the spread of COVID-19, the respiratory illness caused by the virus, have weighed on demand, with the economy contracting in the first quarter at its sharpest pace since the final three months of 2008. Deflation, a decline in the general price level, is harmful during a recession as consumers […]