By Sarah Chaney Cambon

U.S. suppliers' price increases cooled in July from a year earlier as energy costs dropped, a sign price pressures in the economy have eased slightly.

The producer-price index, which generally reflects supply conditions in the economy, increased by 9.8% on a 12-month basis in July, the Labor Department said Thursday. That compared with a 11.3% increase in June.

Producer prices decreased a seasonally adjusted 0.5% in July from the prior month, down sharply from June.

The PPI report comes a day after the Labor Department said consumer prices rose 8.5% in July from the same month a year ago, down from 9.1% in June. June marked the fastest pace of inflation since November 1981.

The so-called core price index--which excludes the often volatile categories of food, energy and supplier margins--climbed 0.2% in July from a month earlier, a tick slower than in June. On a 12-month basis, core PPI rose 5.8% in July, slowing from 6.4% in June.

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(END) Dow Jones Newswires

August 11, 2022 09:02 ET (13:02 GMT)

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