Wholesale prices rebound in July to highest level in three years
The PPI rose 0.9% last month, surpassing the amount anticipated by experts.
Stock photo from a factory in Michigan
The producer price index (PPI) rose 0.9% in July, according to the Labor Department. After an unchanged June, last month's rebound was larger than analysts expected. It is the largest overall increase since March 2022.
The rise in services costs (1.1%) outpaced that of goods (0.7%), as authorities seek to assess the effects of tariffs imposed by President Donald Trump.
Reflecting the impact of producer inflation, the New York Stock Exchange opened lower. In early trading, the Dow Jones dropped 0.48%, the Nasdaq fell 0.31%, and the S&P 500 declined by 0.30%.
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