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

U.S. producer price inflation came in at 4.7% in July from a year earlier, undershooting the 4.9% forecast and slowing from the previous 5.50% reading. The PPI (Producer Price Index, a measure of wholesale inflation) is closely watched because it can signal how upstream cost pressures may feed into consumer prices and influence expectations for monetary policy.