Inflation at the wholesale level rose more than expected in July, ending a year-long streak of steady declines in consumer prices.
The Labor Department said Friday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 0.3% in July from the previous month. On an annual basis, prices are up 0.8%. It marked the first increase in headline inflation since June 2022.
Those figures are both higher than the 0.7% headline increase and 0.2% monthly figure forecast by Refinitiv economists.
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