US producer inflation heats up
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Producer prices in July rose faster than forecast across the board, giving investors and the Federal Reserve an inflation surprise just over a week out from Fed Chair Jay Powell's crucial Jackson Hole speech.
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Wholesale inflation much hotter than expected in July — throwing possible wrench into rate cut hopes
The Producer Price Index saw its biggest monthly gain since June 2022, the Bureau of Labor Statistics said Thursday.
Domestic producers are “raising prices in line with the protection tariffs are providing them,” said a construction economist, a move that could further stoke inflation.
The surprise PPI reading, driven by the biggest monthly gain in core since 2022, further muddies the central bank's September decision to hold or cut rates in September.