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- U.S. PPI increases more than anticipated in July
U.S. PPI increases more than anticipated in July
The
Labor Department reported on Thursday the U.S. producer-price index (PPI) rose 1.0
percent m-o-m in July, the same pace as in June.
For the 12 months through July, the PPI surged 7.8 percent after an unrevised 7.3 percent climb in the previous month. That represented the largest increase since 12-month data were first calculated in November 2010.
Economists
had forecast the headline PPI would increase 0.6 percent m-o-m last month and 7.3
percent over the past 12 months.
According
to the report, nearly 3/4 of the July gain in the final demand index can be
traced to a 1.1-percent m-o-m advance in prices for final demand services. In
addition, the index for final demand goods increased 0.6 percent m-o-m.
Excluding
volatile prices for food and energy, the PPI rose 1.0 percent m-o-m and climbed
6.2 percent over 12 months. Economists had
forecast increases of 0.5 percent m-o-m and 5.6 percent y-o-y.
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