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The U.S. Commerce Department released the producer price index figures on Friday. The U.S. producer price index increased 0.2% in July, exceeding expectations for a 0.1% gain, after a 0.4% rise in June.
On a yearly basis, the producer price index decreased 0.8% in July, beating forecasts of a 0.9% decline, after a 0.7% fall in June.
The rise was partly driven by higher services prices, which were up 0.4%.
Food prices fell by 0.1% in July, driven by a drop in wholesale egg prices, which slid 24.2%.
Energy sales declined 0.6% in July.
The producer price index excluding food and energy climbed 0.3% in July, exceeding expectations for a 0.1% gain, after a 0.3% increase in June.
On a yearly basis, the producer price index excluding food and energy climbed 0.6% in July, beating forecasts of a 0.5% increase, after a 0.8% rise in June.
A stronger U.S. dollar and low oil prices still weigh on inflation. Producer prices may drop in August due to a recent decline in oil prices.
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