Wholesale prices declined in June by 0.3% and two-thirds of the drop was tied to a 12% fall in gas prices, the U.S. Bureau of Labor Statistics reported Tuesday. File Photo by Bonnie Cash/UPI | License Photo
July 15 (UPI) -- Wholesale prices declined in June by 0.3% and two-thirds of the drop was tied to a 12% fall in gas prices, the U.S. Bureau of Labor Statistics reported Tuesday.
The producer price index notched a decline for seasonally adjusted final demand in June after climbing 0.6% in May and 1.1% in April. The 12 months ending in June saw an increase of 5.5% on an unadjusted basis.
The final demand decrease of 1.4% in June is the largest decrease since July 2022 when it decreased by 1.9%. Final demand energy bolstered the decrease, falling by 6.4%.
Within processed goods for intermediate demand, processed energy goods fell by 7.3%. When not counting food and energy, intermediate demand rose by 0.6%.
