US Producer Prices Accelerate in July as Costs of Services and Goods Surge
U.S. producer prices increased more than expected in July amid a surge in the costs of services and goods, suggesting a broader pickup in inflation in the months ahead.
The producer price index for final demand jumped 0.9% last month after being unchanged in June, the Labor Department's Bureau of Labor Statistics said on Thursday. Economists polled by Reuters had forecast the PPI rising 0.2%.
Services prices soared 1.1%, the largest gain since March 2022, amid strong increases in machinery and equipment wholesaling, costs of portfolio management, hotels and motels, and road transportation of freight...
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