updated 8/13/2004 11:02:25 AM ET 2004-08-13T15:02:25

Wholesale inflation pressures were generally well-contained last month, the government said Friday, as falling food prices took the sting out of high energy costs.

The Labor Department’s Producer Price Index (PPI) rose o.1 percent in July, a smaller-than-expected increase. A big drop in food costs countered the sharpest increase in energy prices in six months.

The core rate of PPI, which excludes volatile food and energy costs, was also up 0.1 percent. The 0.6 percent decline in food costs marked the biggest one-month drop in more than two years, reflecting cheaper costs for beef and dairy products.

However, energy costs shot up 2.3 percent in July.

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