Economics
Producer Prices in U.S. Surge in June, Exceeding Forecasts
- PPI increased 1% from month earlier and 7.3% from year ago
- Services costs accounted for 60% of gain; goods prices also up
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Prices paid to U.S. producers rose in June by more than expected, indicating pressure is mounting on companies to pass along higher costs to consumers.
The producer price index for final demand increased 1% from the prior month and 7.3% from June of last year, Labor Department data showed Wednesday. Excluding volatile food and energy components, the so-called core PPI also rose 1%, the most on record, and was up 5.6% from a year ago.