| A key measure of US producer prices unexpectedly fell in July for the first time in more than two years, largely reflecting a drop in energy costs and representing a welcome moderation in inflationary pressures.
Some 80 per cent of the decline in goods prices was due to a 16.7 per cent plunge in gasoline prices, the report showed.Excluding the volatile food and energy components, the so-called core PPI rose 0.2 per cent from June and 7.6 per cent from a year earlier. Both the overall and core figures were softer than forecast.
Consumer-price data out on Wednesday also showed a welcome moderation in inflation in July, largely reflecting a pullback in prices at the pump. Even so, inflation remains stubbornly high and will likely keep the Federal Reserve on an aggressive path to curb it.
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