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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Consumer food prices rose .3 percent in July after jumping 1.5 percent in June. There were higher prices for beef and veal, fluid milk products, soft drinks, bakery products, and lower prices for fresh vegetables, eggs, fruits, cheese and frozen juices.
The PPI data are another indication of the economic slowdown. Previously, the government reported that the Consumer Price Index was up 5.6% from last year and July's unemployment rate of 5.7% was the highest in four years.
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