US wholesale inflation heated up more than expected in July
The latest Producer Price Index, which measures the average change in prices paid to producers, jumped 0.9% from June, lifting the annual rate to 3.3%, according to Bureau of Labor Statistics data.
Thursday's readings far exceeded economists' expectations for prices would rise by just 0.2% in July and 2.4% annually.
PPI serves as a potential bellwether for the prices consumers may see at businesses in the months ahead.
This story is developing and will be updated.
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