July Inflation Surges: Wholesale and Consumer Prices Rise Higher Than Expected
TL;DR Summary
US wholesale inflation, as measured by the Producer Price Index (PPI), rose more than expected in July, reversing a yearlong cooling trend. The PPI increased by 0.8% annually, surpassing June's increase and consensus estimates. The rise in producer prices was driven by higher prices for services, with services prices experiencing the highest monthly increase since March 2022. The food index also rose, suggesting an annualized pace of inflation. The report comes after the Consumer Price Index showed a 3.2% annual increase in prices in July. The data raises concerns that the Federal Reserve may continue to hike rates to combat inflation.
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- Here's the inflation breakdown for July, in one chart CNBC
- Wholesale prices rose 0.3% in July, higher than expected CNBC
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