Wholesale prices fell in July, the Labor Department reported Thursday, the first month-to-month drop in more than two years and another sign that historically high inflation is easing slightly.
The producer price index, which measures inflation before it reaches consumers, rose at an annual rate of 9.8% in July. That level is still high, but it was down from June’s annual rate of 11.3%.
The monthly PPI declined 0.5% in July, a reversal from a 1% increase in June and the first monthly drop since April 2020.
Stocks rose in mid-morning on the softer-than-expected inflation report.