Producer prices in the US rose below market expectations in June.
Producer prices in the US recorded the slowest increase in three years on an annual basis.
Producer prices in the US rose 0.1 percent year-on-year in June. Economists participating in the Bloomberg survey expected the increase to be 0.4 percent.
On a monthly basis, the increase was recorded as 0.1 percent. The expectation for this data was set as 0.2 percent.
A picture in line with expectations emerged in core indicators.
Excluding food and energy, producer prices increased by 0.1 percent month on month. An annual increase of 2.4% was observed.
The normalization of global supply chains, the stabilization of commodity prices, and the shifting of consumer demand to services rather than products have generally helped alleviate inflationary pressures at the producer level.
Despite the sharp decline in transportation and storage costs, service costs rose. Product prices, on the other hand, have changed little.
The figures come just a day after separate data showed consumer prices rose in June at the slowest pace since 2021.