Wholesale price inflation slows last month as gas and food costs fall

WASHINGTON (AP) — Wholesale inflation dropped last month as gas prices reversed some of their Iran war spike and other costs also cooled, a sign that consumer inflation could grind lower in the months ahead. The Labor Department's producer price index — which captures inflation before it reaches consumers — rose 4.7% in July from a year ago, down from a much larger 5.5% increase in June. On a monthly basis, wholesale prices were unchanged from June to July, after they ticked down 0.1% the previous month. Please check your inbox to confirm. The figures follows the government's consumer price inflation report, released Wednesday, which also showed a modest cooling last month.

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