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Financial News: U.S. Producer Prices Unexpectedly Drop 0.2% In June

U.S. Producer Prices Unexpectedly Drop 0.2% In June

07/10/2020 - 13:15:00 (RTTNews)

(RTTNews) - Producer prices in the U.S. unexpectedly decreased in the month of June, according to a report released by the Labor Department on Friday.

The Labor Department said the producer price index for final demand fell by 0.2 percent in June following a 0.4 percent increase in May. Economists had expected prices to climb by another 0.4 percent.

The unexpected drop in producer prices came amid a sharp pullback in food prices, which plunged by 5.2 percent in June after spiking by 6.0 percent in May.

On the other hand, the report said energy prices soared by 7.7 percent in June after jumping by 4.5 percent in the previous month.

Excluding food and energy prices, core producer prices inched up by 0.1 percent in June after rising by 0.3 percent in May. Core prices were also expected to increase by 0.4 percent.

The Labor Department said prices for final demand services fell by 0.3 percent in June, as a 1.8 percent slump in prices for trade services more than offset higher prices for transportation and warehousing services.

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