WASHINGTON — Fueled by slower increases in the cost of energy and food, producer prices increased in July at a slightly slower rate, the Labor Department reported today.
The Producer Price Index for finished goods rose 1.2% in July, compared with a 1.8% increase in June. But July's index was 9.8% higher than July 2007, representing the largest year-to-year increase since 1981.
Energy prices rose 3%, compared with 6% in June. The gasoline index fell .02% after rising 12.4% in June. Home heating oil prices rose 3.7 percent in July following a 12.4-percent jump in the previous month. By contrast, home electric power costs rose 2%, compared with a .08% gain in June.
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