) -- Despite recent commentary about deflation fears, prices at the producer level notched higher in July and appeared to tamp down those worries, according to a government report released Tuesday.
The producer price index, issued by the Labor Department, rose a seasonally adjusted 0.2% last month after retreating by 0.5% in June and falling back by 0.3% in May. The July uptick landed right in line with Wall Street's consensus estimates, according to
After stripping out potentially combustible food and energy costs, the index's so-called "core" measure also rose by 0.3%. The report attributed much of the core rise to a jump in costs for light motor trucks, along with pharmaceuticals and other cars. The index tracking food costs rose 0.7% last month, though the measure assessing energy prices dropped by 0.9%.
Last week, the Labor Department also said
consumer prices edged up 0.3% last month, while the core measure there ticked up by 0.1%.
--Written by Sung Moss in New York