US wholesale prices flat in July, below expectations
The US producer price index was flat in July, well below the 0.2% increase economists had expected, according to Dow Jones consensus estimates.
The US producer price index was flat in July, according to Labor Department data released Wednesday, coming in well below the 0.2% increase that economists had expected based on Dow Jones consensus estimates.
The reading suggests price pressures at the wholesale level are cooling faster than anticipated. Economists say the softer print could point to easing pressure further down the line on consumer inflation as well.
The report is being closely watched ahead of the Federal Reserve's upcoming rate decision. Market participants are weighing whether the cooling in producer prices can hold given continued volatility in energy markets tied to the ongoing war.
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