The U.S. Producer Price Index (PPI) was largely unchanged in July, following a 0.1% decline in June, according to the Bureau of Labor Statistics. However, producer prices were still 4.7% higher than a year earlier, indicating continued inflationary pressure.
Services prices rose 0.2%, while goods prices fell 0.7%, largely because gasoline prices dropped 5.7%. Core producer prices, excluding food, energy, and trade services, increased 0.4% in July and were up 4.7% year over year.