US PPI growth comes in cooler than expected

13th Aug 2024 13:52

(Sharecast News) - US producer prices rose by less than expected in July, according to the Bureau of Labor Statistics.

Producer prices increased 0.1% to 144.67 points in July, up from 144.53 in June but short of preliminary estimates for a 0.2% month-on-month uptick. On an annualised basis, PPI was up 2.2%.

July's increase was principally due to heightened prices for final demand goods, which moved up 0.6%. In contrast, the index for final demand services fell 0.2%. Excluding volatile foods, energy, and trade services, prices advanced 0.3% in July.

On Wednesday, the Bureau of Labor Statistics will publish last month's sonsumer price index, giving an all-important look at how prices changes have impacted consumers in their day-to-day lives.

Reporting by Iain Gilbert at Sharecast.com