New York, Aug. 15 -- US inflation on the wholesale level picked up steam last month, with prices rising by the fastest monthly pace since June 2022, a new data showed.
The latest Producer Price Index, which measures the average change in prices paid to producers, jumped 0.9 percent from June, lifting the annual rate to 3.3 percent, according to Bureau of Labor Statistics data released on Thursday.
It means costs were sharply on the rise for producers and manufacturers in July, a sign that higher prices could soon filter down to American consumers, reports CNN.
The PPI serves as a potential bellwether for the prices consumers may see in the months ahead.
Thursday's readings far exceeded economists' expectations for prices would rise by j...