WASHINGTON — The U.S. July PPI was down 0.9% and declined 0.1% in core, for over-the-year rates of a 6.8% drop overall and a 2.6% rise in core. Before rounding, core PPI was off 0.116%.

June PPI was up big at plus 1.8%/plus 0.5%. The reversal was no surprise as energy posted a 2.4% decline and food posted a 1.5% drop in July, offsetting their prior month's surges.

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