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Wholesale prices unchanged in July as energy prices retreat following June surge

Falling energy prices kept a lid on wholesale inflation in July after a jump in gasoline had boosted prices in June.

The Labor Department says wholesale prices showed no change last month compared with June, when they had risen 0.8 percent. That was the most in nine months.

Energy costs fell 0.2 percent, after June's 2.9 percent surge. Gasoline prices dropped 0.8 percent and natural gas costs slid 3.9 percent.

Excluding volatile food and energy costs, so-called core prices rose just 0.2 percent. Core wholesale prices are up 1.2 percent over the past 12 months, the smallest one-year increase since November 2010.

Tame inflation has helped consumers increase spending this year despite slow income growth and higher Social Security taxes.

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