WASHINGTON - Producer prices rose 0.2% in July, the first monthly increase after three consecutive declines, the Labor Department reported.
Core producer prices, excluding food and energy costs, increased 0.3%, more than economists' estimates and the ninth consecutive increase.
The headline 0.2% rise matched economists' expectations while the core prices increase compared to a 0.1% uptick predicted by the median estimate from Thomson Reuters.
For the 12-months ending in July, producer prices increased 4.2% while core prices gained 1.5%.
Most of the rise in producer prices was attributed to a 0.3% rise in prices for core finished foods, particularly a 1.5% rise in price for light motor trucks.
July's 0.2% rise in overall prices followed an unrevised 0.5% decline in June, while the 0.3% core prices increase followed an unrevised 0.1% uptick the previous month.
