Producer prices up modestly in July

The U.S. Producer Price Index for finished goods rose 0.3 percent June to July, the Bureau of Labor Statistics reported Tuesday. On a 12-month, unadjusted basis, prices were up 0.5 percent, slightly lower than June's unadjusted annual rate of 0.7 percent. Food prices were up 0.5 percent in July for the second consecutive month, while energy prices dropped 0.4 percent after falling 0.9 percent in June. Core prices, which exclude food and energy items, rose 0.4 percent in July from June and 0.5 percent from July 2011. Energy prices received by producers have dropped for five consecutive months, the bureau said