Wholesale prices fell in July for the first time in two years as a plunge in vitality prices slowed the tempo of inflation, the Bureau of Labor Statistics reported Thursday.
The producer price index, which gauges the prices acquired for remaining demand merchandise, 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 anticipating an increase of 0.2%.
On an annual basis, the index rose 9.8%, the underside price since October 2021. That compares to an 11.2% enhance in June and the doc 11.6% obtain in March.
Most of the decline bought right here from vitality, which declined 9% on the wholesale diploma.
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