Producer prices in the United States remained flat in June, according to data published Wednesday by the Labor Department, surprising analysts who had anticipated a modest increase.
The Producer Price Index (PPI) for final demand was unchanged last month, following a revised 0.3% rise in May. Economists had forecast a 0.2% gain, compared to the initially reported 0.1% uptick for May.
On a year-over-year basis, producer inflation cooled to 2.3% in June, down from a revised 2.7% in the prior month. This deceleration was sharper than the 2.5% rate economists had been projecting.
Looking ahead, several key economic updates are due Wednesday. At 9:15 a.m. ET, the Federal Reserve will publish its June industrial production report, with output expected to tick up 0.1% following a 0.2% decline in May.
Later in the morning, at 10:30 a.m. ET, the Energy Information Administration will release weekly crude oil inventory data for the week ending July 11. Inventories are projected to fall by 1.8 million barrels, reversing a significant 7.1 million barrel increase the week before.
Finally, the Fed is set to publish its latest Beige Book at 2:00 p.m. ET, offering a qualitative snapshot of economic conditions across its 12 regional districts based on anecdotal feedback from businesses and contacts.
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