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Wholesale prices rose 0.3% in July, higher than expected Aug 11, 2023

Wholesale prices rose 0.3% in July, higher than expected

A measure of wholesale prices rose more than expected in July, countering recent trends showing that inflation pressures are easing.

The producer price index, which gauges the costs that goods and services producers receive for their products as opposed to those that consumers pay, rose 0.3% for the month, the Bureau of Labor Statistics reported Friday. That was the biggest monthly gain since January and up from a unchanged reading in June.

Excluding food and energy, core PPI also increased 0.3%, the biggest monthly increase since November 2022 after falling 0.1% in June. Core PPI rose 2.4% on a 12-month basis, tied for the lowest since January 2021.

Economists surveyed by Dow Jones had been expecting an increase of 0.2% for both readings. Excluding food, energy and trade services, PPI increased 0.2%.

On a year-over-year basis, headline PPI was up just 0.8%. Prices excluding food, energy and trade services moved up by 2.7% on an annual basis, unchanged from June…

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