WASHINGTON, Aug 11 (Reuters) – U.S. producer prices fell unexpectedly in July on the back of lower energy prices, Labor Department statistics showed on Thursday.
The producer price index (PPI) for final demand fell 0.5% last month after rising 1% (revised from +1.1%) in June.
Its increase over one year reached 9.8% after 11.3% in June.
Economists polled by Reuters on average forecast a rise of 0.2% month-on-month and 10.4% year-on-year.
The index measuring underlying pressures on producer prices, excluding food, energy and commercial services, recorded an increase of 0.2% last month against +0.3%. in June.
Over one year, the growth of this “core” index was 5.8% in July, against 6.4% in June.
The Labor Department announced on Wednesday that the consumer price index rose less than expected, rising 8.5% year on year.
(Report Lindsay Dunsmuir, French version Laetitia Volga, edited by Tangi Salaün)
click here for restrictions
©2022 Reuters