U.S. PPI Beats Expectations for Last Month

American wholesale prices for June rose more than expected, betraying another sign inflation is moving at a faster pace south of the border than markets had anticipated.

The producer price index (PPI), measuring what companies get for the goods they produce, increased 1% from May and jumped 7.3% on a year-over-year basis, the second month in a row that 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 hike.

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 U.S. Labor Department reported a 5.4% year-over-year jump in the consumer price index, the biggest move for that measure since 2008.