Wholesale inflation fell 0.5% in July, in another sign that price increases are slowing

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Source: CNBC

ECONOMY

Wholesale inflation fell 0.5% in July, in another sign that price increases are slowing

PUBLISHED THU, AUG 11 2022 * 8:39 AM EDT * UPDATED 10 MIN AGO

Jeff Cox
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Wholesale prices fell in July for the first time in two years as a plunge in energy prices slowed the pace of inflation, the Bureau of Labor Statistics reported Thursday.

The producer price index, which gauges the prices received for final demand products, fell 0.5% from June, the first month-over-month decrease since April 2020, the month after Covid-19 was declared a pandemic. Economists surveyed by Dow Jones had been expecting an increase of 0.2%.

On an annual basis, the index rose 9.8%, the lowest rate since October 2021. That compares to an 11.2% increase in June and the record 11.6% gain in March.

Most of the decline came from energy, which declined 9% at the wholesale level.

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Read more: https://www.cnbc.com/2022/08/11/producer-price-index-july-2022-.html