U.S. producer prices fell in June to register their biggest decline since February, according to a new government report released Thursday.
Led by lower food and energy costs, the Producer Price Index, or PPI for short, dropped 0.5% in June after falling 0.3% in May and 0.1% in April.
"In June, over eighty percent of the 0.5-percent decrease in the finished goods index can be traced to prices for consumer foods, which fell 2.2 percent," the Labor Department said. "Also contributing to lower finished goods prices, the index for finished energy goods declined 0.5 percent."
The PPI is the measure of inflation before it reaches consumers. Continue reading June US Producer Prices Slide 0.5%, 12-Month Wholesale Inflation Up 2.8%