Los producer prices in the United States fell unexpectedly in July, amid a decline in the cost of energy products, while core producer inflation appears to be on a downward trend.
The producer price index for final demand decreased 0.5% in Julyafter rising 1.0% in June, the work Department. In the 12 months to July, the PPI increased 9.8% after advancing 11.3% in June.
There was a 1.8% drop in goods prices, which advanced 2.3% in June. Meanwhile, the cost of services rose 0.1% after increasing 0.3% in June.
Economists polled by Reuters had forecast that the PPI would rise 0.2% in July and 10.4% year-on-year.
The government reported on Wednesday that consumer prices were unchanged in July, helped by a drop in gasoline prices after rising earlier in the year.
Excluding the volatile components of food, energy and business services, producer prices increased 0.2% in July. The so-called core PPI increased 0.3% in June. In the 12 months to July, the core PPI advanced 5.8% after rising 6.4% in June.
The Federal Reserve is considering whether to raise its benchmark overnight lending rate by probably another 50 to 75 basis points at its next monetary policy meeting on September 20-21, as it struggles to cool demand and reduce inflation towards its 2.0 percent target.
The US central bank has raised its policy rate by 225 basis points since March.
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