Inflation, as measured by the producer price index, ticked up to 0.8% for the year ending in July, a month after nearly flatlining.
The new numbers were released on Friday by the Bureau of Economic Analysis. Most economists expected an increase after annual wholesale inflation clocked in at an ultra-low 0.2% in June.The increase is one indication that some of the country’s inflationary pressures are holding up to some degree against the Federal Reserve’s campaign to slow economywide spending by hiking interest rates.
"In short, PPI inflation surprised to the upside in July," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics."However, headline producer prices are well below 2% and annual changes in the core and core-core indexes are moving towards target. On the consumer side, progress has been slower although we anticipate a further easing by year-end and into 2024."
Too-high inflation has hurt households over the past two years and undercut support for President Joe Biden’s economic agenda, a dynamic that has borne out in polling that consistently shows Biden getting low marks on his handling of the economy. But as inflation has generally trended down over the past year, Biden and the White House have sought to rebrand the president’s economic agenda as a success, touting bright spots in the economy such as the strong labor market and positive GDP growth as “Bidenomics” in action.
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