U.S. wholesale prices pick up in July, PPI shows
The numbers: The U.S. producer price index rose 0.3% in July, the Labor Department said Friday, up from a revised flat reading in June and the largest gain since January.The core producer price index, which excludes volatile food, energy prices, and trade services rose... The numbers: The U.S. producer price index rose 0.3% in July, the Labor Department said Friday, up from a revised flat reading in June and the largest gain since January.
Core prices are up 2.7% from a year earlier, matching the gain in June. Core PPI prices were running at a 5.8% rate in July 2022.The cost of services rose 0.5% last month, up from a 0.1% drop in June. This is the largest increase in a year. The increase was led by a 7.6% gain for portfolio management.Energy prices were flat in July, down sharply from a 0.7% gain in the prior month.Further back on the production line, prices for intermediate goods fell 0.6%, the sixth straight monthly decline.
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