US PPI comes in hotter than expected in June

12th Jul 2024 13:28

(Sharecast News) - The US producer price index advanced 0.2% in June, according to the Bureau of Labor Statistics, slightly more than the 0.1% increase expected on the Street.

As a result of last month's increase, the PPI was now up 2.6% for the year as a whole. May's number was also revised higher, with the new report indicating that PPI was unchanged on the month, compared to the 0.2% decline it had previously pointed to.

Last month's hotter-than-expected PPI reading comes shortly after June's consumer price index came in cooler than expected on Thursday, with headline inflation declining on a month-on-month basis to 3%.

The release of the Federal Reserve's preferred inflation gauge, the personal consumption expenditure price index, will be the next major hint as to the state of the economy, slated for release on 26 July.

Reporting by Iain Gilbert at Sharecast.com