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Wholesale prices, industrial production fall in June

Thursday, July 15, 2004 | 9:06 a.m.

WASHINGTON -- Wholesale prices fell by 0.3 percent in June and big industry production was down as well, unexpected developments that one analyst likened to the economy hitting a speed bump.

A retreat in food and energy costs caused the drop in the Producer Price Index, the biggest in a year, the Labor Department reported today. That came after wholesale costs shot up in the prior two months, reflecting sharply higher prices for energy and food. Wholesale prices had risen by 0.7 percent in April and by 0.8 percent in May.

Separately, the Federal Reserve reported today that industrial production at the nation's factories, mines and utilities dropped 0.3 percent in June, it marked the largest decline since April 2003. That followed a 0.9 percent advance in May.

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