Economy

U.S. producer price index rises 0.2% in July | 9 August 2019

U.S. producer price index rises 0.2% in July | 9 August 2019”

Excluding the volatile food and energy categories, wholesale prices fell 0.1 percent in July and rose 2.1 percent from a year earlier. In the 12 months through July the PPI increased 1.7% after advancing by the same margin in June. Prices for final demand construction rose 0.6%. Over 80 percent of the broad-based advance is attributable to prices for final demand energy, which rose 2.3 percent.

USA wholesale prices ticked up just 0.2% in July, the latest sign that inflationary pressures are largely in check. The uptick in prices matched economist estimates.

In contrast, the indexes for final demand trade services and for final demand transportation and warehousing services both advanced 0.2 percent. -China trade war intensified in the first week of August, likely weighing on global growth in the months to come, with tariffs set to rise on a host of consumer goods from China.President Donald Trump has repeatedly cited low inflation and the strong dollar in his attacks on the Fed to cut interest rates more deeply.

More news: Rain plays spoilsport as Gayle misses history bid against India

Wholesale inflation in the USA was little changed in July at the headline level, but underneath the surface price pressures were falling back. The gain owed to higher prices for goods-especially energy-while services prices posted a slight decline. Core goods prices edged up 0.1% after being unchanged for three straight months.

PPI excluding food, trade, energy falls 0.1%. Services were pulled down by a 4.3% drop in the cost of hotel and motel rooms.

"The PPI signals that the medical care PCE price index will be soft in July, likely coming out basically unchanged relative to June", said Daniel Silver, an economist at JPMorgan in NY. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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