The producer price index was expected to a show a 0.2% increase for July, according to the Dow Jones consensus estimate.

Prices were 2.7% higher last month compared with a year ago, and core inflation went up at a higher pace than what was seen in June

CPI was projected to increase 0.2% in July and 2.8% for a year ago on headline, and 0.3% and 3% on core