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

U.S. producer inflation eased in July, with the Producer Price Index (PPI, a measure of wholesale prices) rising 4.7% from a year earlier, below the 4.9% estimate and down from the previous 5.5% reading. On a month-on-month basis, July PPI was unchanged, missing expectations for a 0.2% increase. The figures point to softer pipeline price pressure at the wholesale level than economists had anticipated.