India, Aug. 14 -- Producer prices in the U.S. increased by much more than expected in the month of July, the Labor Department revealed in a report released on Thursday.
The Labor Department said its producer price index for final demand shot up by 0.9 percent in July after coming in unchanged in June. Economists had expected producer prices to rise by 0.2 percent.
"The large spike in the Producer Price Index (PPI) this morning shows inflation is coursing through the economy, even if it hasn't been felt by consumers yet," said Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management.
He added, "Given how benign the CPI numbers were on Tuesday, this is a most unwelcome surprise to the upside and is likely to unwind some o...