WASHINGTON: U.S. producer prices increased moderately in July, lifted by a rebound in the cost of energy products, while underlying producer inflation retreated, which could allow the Federal Reserve to cut interest rates again next month.
The producer price index for final demand rose 0.2per cent last month after nudging up 0.1per cent in June, the government said. In the 12 months through July the PPI increased 1.7per cent after advancing by the same margin in June. Last month's increase in the PPI was in line with economists' expectations.
The dollar slipped against a basket of currencies, while U.S. Treasury prices rose slightly. U.S. stocks fell as investors grappled with fresh trade-related tensions.U.S. tariffs on Chinese goods so far have had a marginal impact on inflation as they have mostly been on capital goods. China let its currency, the yuan, slide past the key 7-per-dollar level on Monday for the first time since 2008.
The cost of services fell 0.1per cent in July, the first decrease since January, after rising 0.4per cent in June. Services were pulled down by a 4.3per cent drop in the cost of hotel and motel rooms.
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