MW: Producer prices fall 0.9% in July, energy drops
By Ruth Mantell
WASHINGTON (MarketWatch) -- Producer prices fell 0.9% in July, after seasonal adjustments, as prices for energy and food dropped, the Labor Department reported Tuesday. In a report that could further ease inflation concerns, the government said the core producer price index, which excludes volatile food and energy prices, fell 0.1%. Economists polled by MarketWatch had expected the overall producer price index to fall 1%, and for the core to gain 0.1%. In the past year the producer price index, which tracks inflation at the wholesale level, has dropped a record 6.8%, the government said. The data go back to 1947. However, the core producer price index has gained 2.6% over the past year. In July, energy prices fell 2.4%, and food prices fell 1.5%. In June, the producer price index rose 1.8%, while the core gained 0.5%.
