[ad_1]
Wholesale prices rose far more than expected in July, providing a potential deterrent for the Federal Reserve to lower interest rates in September, a Bureau of Labor Statistics report Thursday showed.
The producer price index, which measures final demand goods and services prices, jumped 0.9% on the month, compared to the Dow Jones estimate for a 0.2% gain.
Excluding food and energy prices, core PPI rose 0.9% against the estimate for 0.3%. Excluding food, energy and trade, the index was up 0.6%, the biggest gain since March 2022.
On an annual basis, headline PPI increased 3.3%, the biggest 12-month move since February and well above the Fed’s 2% inflation target.
Services inflation provided much of the push higher, moving 1.1% higher in July for the largest gain also since March 2022.
This is breaking news. Please refresh for updates.
[ad_2]
Source link
