WASHINGTON: U.S. producer prices increased by the most in more than 1-1/2 years in July, but the overall trend in producer inflation remained subdued amid signs the economy's recovery from the COVID-19 recession was faltering.
The economy, which entered recession in February, suffered its biggest blow since the Great Depression in the second quarter, with gross domestic product dropping at its steepest pace in at least 73 years. In July, wholesale food prices fell 0.5per cent as the cost of meat dropped 8.0per cent. Food prices decreased 5.2per cent in June. Wholesale gasoline prices increased 10.1per cent after advancing 26.3per cent in June. Goods prices shot up 0.8per cent. That followed a 0.2per cent rise in June.
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