By Alicia Wallace, CNN
(CNN) — US inflation on the wholesale level picked up steam in July, with prices rising by the fastest monthly pace since June 2022, new data showed Thursday.
The latest Producer Price Index, which measures the average change in prices paid to producers, jumped 0.9% from June, lifting the annual rate to 3.3%, according to Bureau of Labor Statistics data.
Thursday’s readings far exceeded economists’ expectations for prices would rise by just 0.2% in July and 2.4% annually.
PPI serves as a potential bellwether for the prices consumers may see at businesses in the months ahead.
This story is developing and will be updated.
The-CNN-Wire™ & © 2025 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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