US producer prices surge in July as Trump tariffs push costs higher
By PAUL WISEMAN, Associated Press Economics Writer
WASHINGTON (AP) — U.S. wholesale inflation surged unexpectedly last month, signaling that President Donald Trump’s sweeping taxes on imports are pushing costs up and that higher prices for consumers may be on the way.
The Labor Department reported Thursday that its producer price index — which measures inflation before it hits consumers— rose 0.9% last month from June, biggest jump in more than three years. Compared with a year earlier, wholesale prices rose 3.3%.
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The numbers were much higher than economists had expected.