The Producer Price Index, which tracks the average change in prices that businesses pay to suppliers, rose 0.8% annually. That’s above June’s upwardly revised increase of 0.2% and higher than expectations for a 0.7% gain, according to consensus estimates on Refinitiv. Producer price hikes increased 0.3% from June to July, the highest monthly increase since January.
8% doesn’t tell the whole story, because the index decreased in five of the previous seven months. Annualizing the 0.3% monthly gain, however, would put the PPI rate at about 3.6% and core at 3.8%, he said. “So the July number does suggest that there’s still some producer cost pressures,” he said. When stripping out the more volatile categories of food and energy, core PPI rose 2.4% annually in July.
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