U.S. July PPI rises 4.7% year on year, below 4.9% forecast

U.S. producer price inflation slowed more than expected in July, with the PPI (Producer Price Index, a wholesale inflation gauge) rising 4.7% year on year versus a 4.9% forecast and a prior reading of 5.50%. On a monthly basis, July PPI was flat at 0%, below expectations for a 0.20% increase. The previous monthly figure was revised to -0.1% from -0.30%. The softer-than-expected data may be watched by macro and crypto markets for clues on inflation pressure and the policy outlook.