US producer prices up 0.6% in July, biggest jump since 2018

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August 11, 2020

U.S. wholesale prices shot up an unexpected 0.6% in July, biggest gain since October 2018, with energy prices moving sharply higher.

Associated Press

Last Updated: August 11, 2020, 6:14 PM IST

WASHINGTON U.S. wholesale prices shot up an unexpected 0.6% in July, biggest gain since October 2018, with energy prices moving sharply higher.

The Labor Department said Tuesday that the jump last month in its producer price index which measures inflation before it reaches consumers followed a 0.2% drop in June. Wholesale energy prices shot up 5.3% in July. Excluding the volatile food and energy prices, producer prices rose 0.5%.

Over the past year, producer prices are down 0.4%, and core prices are up 0.3%. The sharp recession caused by the coronavirus outbreak has constrained inflation.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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US producer prices up 0.6% in July, biggest jump since 2018

U.S. wholesale prices shot up an unexpected 0.6% in July, biggest gain since October 2018, with energy prices moving sharply higher.

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