US wholesale inflation rose more slowly in July

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Inflation at the wholesale level jumped 9.8% in July from a year earlier, a slowdown from the June pace yet still a painfully high level suggesting that rampant inflation will persist for months to come. Thursday’s report from the Labor Department also showed that on a month-to-month basis, the producer price index — which measures inflation before it reaches consumers — dropped 0.5% from June to July. That is the first decline since April 2020 and was down from a sharp 1% increase from May to June. Falling gas and energy prices pushed down the monthly figure. Those declines suggest that retail gas prices, which have fallen steadily since mid-June, are likely to keep dropping.