WASHINGTON (AP) — Prices at the wholesale level dipped slightly in July, the first decline in 11 months and further evidence that inflation remains a no-show in the economy.
The Labor Department says its producer price index, which measures inflation pressures before they reach the consumer, edged down 0.1 percent last month, reflecting a third month of declines in energy prices and a flat reading for food. The July drop followed a tiny 0.1 percent gain in June. It was the first fall in wholesale prices since a decline of 0.2 percent last August.
Core inflation, which excludes volatile food and energy costs, also fell last month by 0.1 percent. Over the past 12 months, wholesale prices are up a moderate 1.9 percent while core prices have risen 1.8 percent.