Fri, Jan 27th, 2023 - 6:59am
August 11, 2022 - 8:38am | By Kyle Cornell
(New York, NY) -- An important measure of inflation is lower than expected for July after surging earlier this year.
The producer price index fell to nine-point-eight percent year of year for the month, down from 11-point-three percent and below analyst predictions.
Compared with June, the index fell a half percent, the first decline in more than two years.
Numbers out Thursday from the Bureau of Labor Statistics show the drop was led by a decline in gas prices, along with lower costs for iron, steel and grain.
This comes on the heels of the National average of the price per gallon of regular gas dipping below four dollars for the first time since April.
