USA: Surprise drop in producer prices in July

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)

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