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Economic Report: U.S. wholesale prices tumble in July

Bloomberg

Empty green glass bottles at the Ale-8-One Bottling Co. in Winchester, Kentucky

WASHINGTON (MarketWatch)—U.S. wholesale prices fell 0.4% in July, the biggest drop since September 2015, according to a government report released Friday.

This was the first decline in wholesale prices in four months and follows a sharp 0.5% jump in June. Both food and energy prices slumped in July.

Economists surveyed by MarketWatch had predicted the Producer Price Index would remain flat in July.

The price of goods dropped 0.4% last month. Wholesale-gas prices sank 6.6% and food declined 1.1%. The cost of services was down 0.3% led by a substantial 1.3% drop in trade services.

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