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US producer prices up in July despite energy price drop

As the US producer price index reportedly increase, gains of 9.9 percent are seen in hotel and guestroom rentalsUS producer prices edged up in July in spite of the drag of lower energy prices on many goods, according to government data released Friday. The Labor Department said its producer price index (PPI) rose 0.2 percent in July, slightly above the 0.1 percent increase projected by analysts. Lower energy prices affected several product categories, such as residential natural gas, leading to a smaller PPI increase in July compared with the 0.4 percent gain in June and a 0.5 percent increase in May.

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