A decrease in gasoline prices was a significant contributor to holding inflation for final demand goods in check last month. Prices fell about 5.7% after sharp increases throughout the early part of the year. File Photo by Bonnie Cash/UPI | License Photo
Aug. 13 (UPI) -- The producer price index for the month of July remained flat after falling 0.1% in June, the U.S. Bureau of Labor Statistics reports Thursday.
The producer price index, a measure of wholesale inflation, was unchanged for the month but for the 12 months ending in July it was up 4.7%. Final demand prices excluding food, energy and trade services increased by 0.4%.
A decrease in gasoline prices was a significant contributor to holding inflation for final demand goods in check last month. Prices fell about 5.7% after sharp increases throughout the early part of the year, due largely to the Iran war and closure of the Strait of Hormuz, a critical chokepoint in the Middle East oil trade.
The Dow Jones consensus estimate projected a 0.2% increase in the producer price index in July. Core inflation rose 0.2%, excluding food and energy, lower than the Dow consensus projection of 0.3%.
