Wholesale prices for June rose more than expected in another sign that inflation is moving at a faster pace than markets had anticipated.
The producer price index, which measures what companies get for the goods they produce, increased 1% from May and jumped 7.3% on a year-over-year basis. That marked the second month in a row in which the PPI set a record for a data series that goes back to 2010.
Economists surveyed by Dow Jones had been looking for a 0.6% monthly increase. Stripping out volatile food, energy and trade prices, the core PPI increased 0.5%, in line with estimates.
The PPI headline surge comes a day after the Labor Department reported a 5.4% year-over-year jump in the…