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Financial News: U.S. Producer Prices Unexpectedly Drop 0.5% In July

U.S. Producer Prices Unexpectedly Drop 0.5% In July

08/11/2022 - 08:37:00 (RTTNews)

(RTTNews) - After yesterday's report showing U.S. consumer prices came in flat in the month of July, the Labor Department released a separate report on Thursday showing producer prices unexpectedly decreased during the month.

The Labor Department said its producer price index for final demand fell by 0.5 percent in July after surging by a revised 1.0 percent in June.

The pullback came as a surprise to economists, who had expected producer prices to edge up by 0.2 percent compared to the 1.1 percent jump originally reported for the previous month.

The report also showed the annual rate of producer price growth slowed to 9.8 percent in July from 11.3 percent in June. Economists had expected the annual rate of growth to slow to 10.4 percent.

Meanwhile, the Labor Department said core producer prices, which exclude prices for food, energy and trade services, crept up by 0.2 percent in July after rising by 0.3 percent in June.

The annual rate of core producer price growth also slowed to 5.8 percent in July from 6.4 percent in the previous month.

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