Wholesale Price Inflation Slows in July as Fed Stays Patient
Wholesale inflation slowed in July, with the Producer Price Index rising 4.7% year-over-year, down from 5.5% in June. Monthly prices were flat.
- 4.7% annual PPI remains well above the Fed's 2% target.
- Core PPI — excluding food and energy — rose 4.2% annually and 0.2% monthly.
- Consumer prices rose 3.4% annually and 0.1% in July alone.
- Consumer prices have risen faster than wages for four consecutive months.
Why it matters: Americans are effectively earning less in real terms as prices outrun paychecks. If the trend continues, consumers may pull back spending.
- Higher energy costs tied to the Iran war drove much of the inflation surge since early 2026.
How 25 sources split on this story
Where they split: The core disagreement is whether easing inflation is enough for the Fed to hold rates steady, or whether persistent above-target prices demand a hike.
Center coverage, 10 sources: The center focuses on the data's market impact, noting improving Fed hold expectations and the still-unclear path for interest rates.
PBS NewsHour5hWholesale price inflation slows last month as gas and food costs fall
Reuters3hUSA-Les prix à la production sont restés stables en juillet
CNBC5hWholesale prices were flat in July, below expectations for 0.2% increase
Associated Press5hWholesale price inflation slows last month as gas, food costs fallCNCTV News5hU.S. Wholesale price inflation slows last month as gas, food costs fall
MarketWatch5hWholesale inflation flattens out in July and price pressures ease
Newsweek4hInflation warning could matter more for your mortgage than your grocery bill
NPR6hInflation eased slightly in July. And, ICE plans to give officers electric shock gloves
Semafor19hUS inflation rises 0.1% in July, easing pressure on FedLeft coverage, 3 sources: The left emphasizes that real wages are falling and that ordinary Americans are struggling to afford necessities despite the headline slowdown.
Right coverage, 12 sources: The right frames persistently above-target inflation as a political liability for Trump and Republicans heading into midterm elections.
Washington Examiner5hProducer prices fell to 4.7% in July amid inflation concerns
Breitbart News5hProducer Price Index Shows Zero Inflation in July
Citizen Free Press10hPPI Inflation lower than expected.
NewsBusters4hGo Kick Rocks! ABC Tries Throwing Cold Water on Cooling July Inflation Report
Newsmax5hWholesale Inflation Falls to 4.7% on Lower Gas, Food
NTD3hWholesale Price Inflation Slows Last Month as Gas, Food Costs Fall
RedState23h'Good News': July Inflation Report Trend Earns Cheers From Financial Markets Analyst, White House
The American Conservative21hU.S. Inflation Edged Lower but Remains StubbornTCSThe Center Square21hInflation eased in July, but voters still rank prices No. 1
The Daily Caller21hData Shows Iran War Reignited Inflation, Wrecked Economy For Working Americans
The Epoch Times18hCooling Energy, Food Costs Keep US Wholesale Inflation Unchanged in July
ZeroHedge5hRate-Hike Odds Remain Low As US Producer Prices Print Cooler Than Expected In JulyWhat’s next: The Fed meets in mid-September; rate-hike odds fell to 32.1% after the report.
- Gas prices rose in late July and early August, threatening higher August inflation data.
- The Fed's preferred PCE inflation gauge is due later this month.
- Will late-summer gas price increases reverse July's inflation progress when August data arrives?
- Can the Fed hold rates unchanged if three FOMC dissenters — Hammack, Kashkari, and Logan — continue pushing for hikes?