US wholesale prices hold steady in July

14 August 2013 16:12  [Source: ICIS news]

HOUSTON (ICIS)--US wholesale prices for finished goods were unchanged in July on a seasonally adjusted basis, the Labor Department said on Wednesday, taking a breather after two consecutive months of increases.

In its monthly producer price index (PPI) report, the department said that a 0.1% increase in producer – or wholesale – prices for finished goods, minus food and energy, was offset by a 0.2% decreases in the index for finished energy goods.

The July increase comes after a 0.5% increase in May and a 0.8% rise in June.

Measuring earlier stages of production, the department found that producer prices for intermediate goods were unchanged in July, while crude goods prices increased 1.2%. The crude goods increase was mostly attributed to a 10.6% jump in crude oil prices.

Producer prices for basic organic chemicals saw a decrease of 1.6% in July after increasing 1.1% in June, according to the report.

Wholesale prices for plastic resins and related materials fell 0.2% in July after rising 0.6% in June.

By: Jeremy Pafford
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