Drop in food costs weighs on US producer prices in June
By Alexander Bueso
Date: Friday 10 Jul 2020
(Sharecast News) - Producer prices in the US continued retreating last month amid sharp drops in the cost of food and in retailers' margins.
According to the Department of Labor, in seasonally adjusted terms, so-called final demand prices in the US fell at a month-on-month pace of -0.2% in June (Barclays: 0.5%).
Against a year ago, prices were down by 0.8%, unchanged from May (Barclays: -0.1%).
On the goods side of the equation, prices rose by 0.2% on the month, with a 7.7% jump in energy prices offsetting a 5.2% fall in the cost of food.
Services prices on the other hand weakened by 0.3% over the month, with trade prices down by 1.5% while those for transportation and warehousing increased by 0.9%.
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