The producer price index for US demand rose up by 1.0% in July, matching the increase record in the previous month.
Source: U.S. Department of Labor
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With the bigger than initially expected monthly increase, the annual growth rate in producer prices accelerated to 7.8% in July from 7.3% in June.
Nearly 75 of the July increase in producer prices can be traced to a 1.1% increase in prices for final demand services.
The US energy prices increased by 2.6% during the month, while food prices tumbled by 2.6%. Core prices were expected to show another 0.5% increase.
The prices for transportation and warehousing services rose by 2.7% in July after climbing by 0.9% in June.
Compared to the same month in 2020, consumer prices in July were 5.4% higher, unchanged from the annual growth rate recorded in June. The rate of growth was expected to decline to 5.3%.