Producer inflation in the U.S. rose 0.1% monthly in July, coming below expectations, according to data released Tuesday.
The producer price index (PPI), which measures changes in the prices of goods and services from a producer’s perspective, was estimated to show a gain of 0.2% in July.
The figure for June, meanwhile, was unrevised for an increase of 0.2%, the Labor Department’s Bureau of Labor Statistics said in a statement.
On an annual basis, PPI rose 2.2% in July, and also came below the market expectation of a 2.3% increase.
The monthly figure for June was revised up from a gain of 2.6% to an increase of 2.7%.
“Prices for final demand goods rose 0.6 percent in July, the largest advance since a 1.1-percent jump in February,” said the statement.
“Nearly 60 percent of the broad-based increase in July can be traced to the index for final demand energy, which moved up 1.9 percent,” it added.
Core PPI, which excludes volatile food, energy and trade prices, showed a 0.3% monthly increase in July, and registered a 3.3% year-on-year increase.
The monthly core PPI figure for June was also revised up to a gain of 0.1% from no change, while the annual figure saw an upward revision to 3.2% from 3.1%.
