The report on wholesale inflation came a day after the Labor Department reported that consumer prices last month rose 2.7% from June 2024, the biggest year-over-year gain since February, as Trump’s sweeping tariffs pushed up the cost of everything from groceries to appliances.

The producer price index for final demand increased 2.3% year-over-year, a slowdown from 2.7% in May and lower than the expected 2.5% growth.