The producer price index did not move in July, and getting to zero took a 0.7 percent fall in goods against a 2.2 percent rise in construction

The producer price index for final demand did not move in July.

That is the seasonally adjusted headline the Bureau of Labor Statistics published at 8.30 a.m. Eastern on Thursday, and arriving at zero took three components pulling against each other. Goods prices fell 0.7 percent. Final demand construction advanced 2.2 percent, and final demand services rose 0.2 percent. June has been revised to a fall of 0.1 percent and May stands at a rise of 0.5 percent.

Gasoline did most of the work on the goods side. Its index fell 5.7 percent, which the bureau says accounts for more than half of the whole decrease in final demand goods, and final demand energy fell 3.1 percent. Foods fell 0.9 percent. Take foods and energy out and goods prices rose 0.1 percent.

The largest single riser sits in services. The index for portfolio management advanced 6.5 percent and led the July increase there, while prices for truck transportation of freight fell 1.8 percent. Transportation and warehousing services fell 1.8 percent as a group and trade services fell 0.1 percent, so the services rise came out of the third category, everything other than trade, transportation and warehousing, which moved up 0.6 percent.

The twelve month rate

Unadjusted, final demand prices are 4.7 percent higher than a year ago. In June that reading was 5.5 percent.

The measure the bureau publishes alongside it, final demand less foods, energy and trade services, rose 0.4 percent in July after inching up 0.1 percent in June. Its own twelve month rate is 4.7 percent as well, down from 5.0 percent. Figures for March through June have been revised to take in late reports and corrections from respondents.