WASHINGTON, D.C. (RFD NEWS) — Producer prices were unchanged in July, according to the latest report from the U.S. Bureau of Labor Statistics.
The Producer Price Index for final demand was flat last month after falling 0.1% in June. On an unadjusted basis, producer prices were 4.7 percent higher than a year ago.
Prices for final demand services increased 0.2 percent, while construction prices jumped 2.2%. Those gains offset a 0.7 percent decline in final demand goods.
Energy prices were a major factor behind the decline in goods prices, falling 3.1 percent in July. Gasoline prices dropped 5.7 percent, while diesel fuel and other energy products also declined.
Food prices at the producer level also fell, falling 0.9 percent during the month. However, prices for goods excluding food and energy increased 0.1 percent.
For agriculture and rural businesses, the report showed higher margins for lawn, garden, and farm equipment and supplies retailing, while prices for truck transportation of freight fell 1.8 percent. Grain prices also increased during July.
The latest figures provide another look at inflationary pressures facing businesses as producers continue to navigate input costs, transportation expenses, and changing commodity prices.
