Producer Prices Increased by Less Than Forecast in JulyJohn Carney13 Aug 20241
3:00
Inflation pressures in the U.S. showed further signs of cooling in July as producer prices rose just 0.1 percent, less than expected.
According to the Bureau of Labor Statistics, there was only a slight increase in the producer price index (PPI) for final demand, which tracks the average change in selling prices received by domestic producers of goods and services for their output sold to households, governments, and foreign buyers.
Economists had forecast a 0.2 percent rise. Over the past year, the PPI has climbed 2.2 percent, reflecting a continued moderation in inflation. A month earlier, prices had climbed 0.2 percent and were up 2.6 percent over 12 months.
Excluding the more volatile categories of food and energy, the core PPI remained unchanged in July—the tamest reading in four months. Compared to the same period last year, the core index rose 2.4 percent.
Energy prices jumped 1.9 percent in July, the biggest gain since February. Energy prices had fallen in each of the previous two months. Food prices climbed 0.6 percent, also the largest gain since February.
Prices for goods rose 0.6 percent. One quarter of that increase was caused by a 2.8 percent rise in gasoline prices. Prices for goods excluding food and energy rose 0.2 percent.
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