WASHINGTON (AP) — Wholesale prices in the United States picked up in July yet still suggested that inflationary pressures have eased this year since reaching alarming heights in 2022.
The producer price index — which measures inflation before it hits consumers— rose 0.8% last month from July 2022.
The latest figure followed a 0.2% year-over-year increase in June, which had been the smallest annual rise since August 2020.
On a month-to-month basis, producer prices rose 0.3% from June to July, up from no change from May to June.
The producer price figures can provide an early sign of how fast consumer inflation will rise in the coming months.