The U.S. Producer Price Index (PPI), a key measure of product prices, fell in July—for the first time in more than two years—registering the smallest 12-month gain in 2022, as energy prices fell and inflation rates moderated.
The index, which was released by the U.S. Bureau of Labor Statistics on Aug. 11, showed demand for goods dip 0.5 percent from June and 9.8 percent from a year ago.
The unexpected shift was due to a decline in the price of goods and fuel, but services costs rose up.
The results for July were lower than forecasted by economists, who had expected an annual rise of 10.3 percent and a monthly increase of 0.3 percent….