US: Annual PPI rises to 7.8% in July vs. 7.3% expected

• Annual PPI in US rose at a stronger pace than expected in July.
• US Dollar Index clings to modest daily gains below 93.00.

The Producer Price Index (PPI) in the US for final demand rose to 7.8% on a yearly basis in July from 7.3% in June, the data published by the US Bureau of Labor Statistics showed on Thursday. This reading came in higher than the market expectation of 7.3%. On a monthly basis, the PPI arrived at 1% to match the previous print.

Further details of the publication showed that the annual Core PPI rose to 6.2%, surpassing analysts' estimate of 5.6%.

Market reaction

This report doesn't seem to be having a noticeable impact on the USD's performance against its major rivals. As of writing, the US Dollar Index was up 0.06% on the day at 92.95.