Wholesale prices in the United States rose sharply in July, signaling renewed inflation pressures that could challenge expectations for near-term interest rate cuts by the Federal Reserve. The Bureau of Labor Statistics reported Thursday that the Producer Price Index (PPI), which measures prices received by producers for final demand goods and services, jumped 0.9% for the month. That’s more than four times the 0.2% increase expected by economists and marks the largest monthly gain since June 2022.

Core PPI, which strips out food and energy costs, also rose 0.9%, compared to the 0.3% forecast. When excluding food, energy, and trade services, the index increased 0.6%, the highest since March 2022. On a yearly basis, headline PPI climbed 3.3%, its largest 12-month advance since February and

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