US producer inflation rises to 0.8% in July

By Ovunc Kutlu

ISTANBUL (AA) – Annual producer inflation in the US came in at 0.8% in July, accelerating from the previous month's figure of 0.2%, according to official figures released on Friday.

The producer price index (PPI), which measures changes in the price of goods and services from a producer perspective, was higher than market estimates of 0.7% annual increase.

On a monthly basis, the PPI saw a gain of 0.3% in July, also coming higher than expectations of a 0.2% increase.

The monthly figure for June was revised down from a gain of 0.1% to no change.

"The index for final demand services increased 0.5 percent in July, the largest rise since moving up 0.5 percent in August 2022," the Labor Department said in a statement. "Prices for final demand goods edged up 0.1 percent in July after no change in June."

Core producer prices, which exclude food, energy and trade, increased 0.2% in July after rising 0.1% in June.

Core PPI in July increased 2.7% on an annual basis, while the figure in June was revised up to a gain of 2.7% from 2.6%.