August wholesale prices slide 1 percent

Industrial Distribution staff -- Industrial Distribution, 9/15/2008 5:47:00 AM

Wholesale prices dropped 0.9 percent in August, according to the U.S. Dept. of Labor, more than doubling analysts’ predictions for the decrease.

The decline in the producer price index, which follows increases of 1.2 percent in July and 1.8 percent in June, was larger than the 0.4 percent slip predicted by economists, the MarketWatch Web site reported. The index is used to track the rate of inflation in the domestic economy.

The slide was driven by a 4.6 percent slide in energy prices, after record oil prices drove increases in the previous months. So far this year, producer prices are up 9.6 percent.

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