Washington, DC, United States (4E) – Producer prices in the U.S. increased at a slower pace in July compared with the previous month, according government data released Friday.
The producer price index (PPI) climbed 0.1 percent in July, after rising 0.4 percent in June, according to the Labor Department report.
The gain in services prices, particularly in transportation and warehousing, contributed to the rise in the PPI, while prices of goods stayed flat, the report showed.
Analysts had predicted the index to rise by 0.2 percent. The PPI jumped 0.2 percent in July, when food and energy prices are excluded, which is in line with estimates.
Food prices climbed 0.4 percent while energy prices fell 0.6 percent, including a sharp 2.1 percent drop in prices of gasoline. The year-over-year gain in producer prices dropped for a third consecutive month, to 1.7 percent.