US producer prices rise 0.3% in July

US producer price inflation ticked up in July, the Bureau of Labor Statistics revealed on Friday.

Seasonally adjusted figures showed that the producer price index (PPI) increased 0.3% last month, from a revised flat reading in June. Economists were expecting a smaller rise at +0.2%.

This acceleration was led by a 0.5% rise for services, tempered by a 0.1% increase in goods.

Stripping out food, energy and trade services, PPI rose 0.2% – the largest increase since February and up from 0.1% the month before.

Compared with last year, the headline PPI increased 0.8% in July, up from +0.2% in June.