Producer prices in the US dropped 0.3% in June, defying expectations for continued upward momentum. The year-over-year figure came in at 5.5%, meaningfully below the 6.2% economists had penciled in and a step down from May’s 6.0%.
Bitcoin responded by holding firmly above $65,000 in the immediate aftermath.
What the numbers actually say
The Bureau of Labor Statistics released the Producer Price Index data on July 15, and the breakdown tells a clear story. Goods prices fell 1.4% on the month, dragged lower by an energy sector in freefall.
Energy prices dropped 6.4%. Gasoline was the headline act, plunging 12.0% in a single month.
