US Producer Prices Rise Less Than Forecast, Dragged by Services
- July PPI rose 0.1% from a month earlier, 2.2% versus year ago
- Categories that feed into PCE price index suggest softness
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US producer prices rose in July by less than forecast, reflecting the first decline in services costs this year amid an ongoing moderation in inflationary pressures.
The producer price index for final demand increased 0.1% from a month earlier, according to a Bureau of Labor Statistics report released Tuesday. The median forecast in a Bloomberg survey of economists called for a 0.2% gain. Compared with a year ago, the PPI rose 2.2%.