After yesterday’s report showing U.S. consumer prices rose in line with estimates, the Labor Department released a separate report on Thursday showing U.S. producer prices increased more than expected in the month of July.
The Labor Department said its producer price index for final demand surged up by 1.0 percent in July, matching the jump seen in the previous month. Economists had expected producer prices to climb by 0.6 percent.
Excluding prices for food, energy and trade services, core producer prices advanced by 0.9 percent in July after rising by 0.5 percent in June. Core prices were expected to show another 0.5 percent increase.