US producer prices rise for a 3rd month
Print Edition
PRODUCER prices in the United States rose for a third straight month in July, suggesting the drag on inflation from weaker oil prices was easing.
The Labor Department said yesterday its producer price index for final demand increased 0.2 percent last month after increasing 0.4 percent in June.
An increase of 0.4 percent in services prices, which offset a fall of 0.1 percent in the cost of goods, accounted for the increase in the PPI last month.
In the year through July, the PPI fell 0.8 percent after declining 0.7 percent in June.
US stock index futures and prices for US Treasuries fell after the data. The dollar pared losses against a basket of currencies.
With the dollar remaining strong and oil prices falling again, inflation pressures are likely to remain benign. That and China’s surprise devaluation of the yuan this week has some economists believing that the Federal Reserve will be hesitant to raise interest rates next month.
Inflation has been persistently running below the Fed’s 2 percent target.
A government report released on Thursday showed import prices dropped by 0.9 percent in July.
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