Financial News: U.S. Producer Prices Inch Up 0.1% In July,

U.S. Producer Prices Inch Up 0.1% In July, In Line With Estimates

08/13/2024 - 08:37:00 (RTTNews)

(RTTNews) - Producer prices in the U.S. crept higher in the month of July, according to a report released by the Labor Department on Tuesday.

The Labor Department said its producer price index for final demand inched up by 0.1 percent in July after rising by 0.2 percent in June. The uptick by producer prices matched economist estimates.

Meanwhile, the report said the annual rate of producer price growth slowed to 2.2 percent in July from an upwardly revised 2.7 percent in June.

Economists had expected the annual rate of producer price growth to decelerate to 2.3 percent from the 2.6 percent originally reported for the previous month.

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