Mumbai, Aug. 18 -- Producer prices in the U.S. increased by much more than expected in the month of July, the Labor Department revealed in a report released on Thursday.
The Labor Department said its producer price index for final demand shot up by 0.9 percent in July after coming in unchanged in June.
The report also showed a substantial acceleration by the annual rate of producer price growth, which surged to 3.3 percent in July from an upwardly revised 2.4 percent in June.
The much bigger than expected monthly increase by producer prices came as prices for services jumped by 1.1 percent in July after edging down by 0.1 percent in June.
Prices for trade services shot up by 2.0 percent, while prices for transportation and warehousing s...