The Producer Price Index for last need reduced 0.5% in July, seasonally changed, the U.S. Bureau of Labor Statistics reported today. This decrease followed advances of 1.0% in June and 0.8% in May. On an unadjusted basis, the last need index went up 9.8% for the 12 months ended in July.
Prices for last need less foods, energy, and trade services increased 0.2% in July, after increasing 0.3% in June. For the 12 months ended in July, the index went up 5.8%.
The index for last need products fell 1.8% in July. The July decline can be traced to a 9.0% drop in costs for last need energy. The indexes for last need products less foods and energy and for last need foods advanced 0.2% and 1.0%, respectively.
The index for last need services increased 0.1% in July, the 3rd successive boost. Leading the July advance, margins for last need trade services increased 0.3%. Prices for last need services less trade, transport, and warehousing fell 0.1% while costs for last need transport and warehousing services went up 0.4%.
Read the BLS release.