Producer prices increase at fastest monthly rate in three years

Wholesale inflation increased well above expectations and at the fastest rate in more than three years in another signal that tariffs may be starting to lead to higher prices that are expected to make their way to consumers.

Thursday’s producer price index, a measure of prices paid to producers, increased 0.9% in July from June. On an annual basis, wholesale inflation increased by 3.3%, according to the Bureau of Labor Statistics.

“Core” producer prices, which exclude volatile food and energy costs, also rose 0.9% from last month — the highest jump since March of 2022. Year-to-year, core prices increased 3.7% after coming in at 2.6% for June. The Federal Reserve targets 2% inflation in its interest rate decision.

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