PPI index fell by 0.1% m-to-m in July, lowering the y-to-y index to 3.0% (from June's 3.4%). The fall was precipitated by falling prices of manufacturing products (-0.2% m-to-m) and by falling oil prices. Food industry prices grew by 0.2% and mining saw a 0.3% price growth in July. Interestingly, agriculture prices fell by 2.6% m-to-m. That was enough to slowdown the annual growth of agriculture prices from 16.5% in June to 14.1% in July. It remains to be seen whether the July fall of notoriously volatile agriculture prices signals a change in trend or whether it is only a short time blip. Overall, however, the July PPI and agriculture indices should ease marginally the central bank's worries about rising inflation fears.