US producer inflation slows in July amid signs of pricing power diminishing

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US producer inflation slows in July amid signs of pricing power diminishing - Business Standard

Quick Summary:

The cost of physician services fell 0.2 per cent, while hospital inpatient care rose 0.2 per cent after climbing 0.4 per cent in June.

US producer prices increased less than expected in July as the cost of services fell by the most in nearly 1-1/2 years amid signs of diminishing pricing power for businesses, evidence of waning inflation pressures that reinforced hopes of an interest rate cut next month.

These estimates could change after July's consumer price data on Wednesday.Core inflation rose 0.2 per cent in June.