The U.S. Producer Price Index (PPI) for July rose by 3.3% year-over-year, surpassing the estimated 2.5% and marking the highest increase since January 2025. On a monthly basis, PPI inflation increased by 0.9%, the largest monthly gain since June 2022. Core PPI inflation, which excludes volatile food and energy prices, also rose 3.7% year-over-year, above the forecast of 2.9%, and 0.9% month-over-month, the biggest monthly increase since March 2022. Meanwhile, U.S. retail sales in July increased by 0.5% month-over-month, matching estimates but below the previous month's 0.9% rise. Retail sales excluding autos and gasoline rose 0.2%, down from 0.6% in June. Core retail sales, which exclude autos, gasoline, and building materials, increased by 0.3%, in line with expectations but lower than June's 0.8% gain. Canadian manufacturing sales for June rose 0.3% month-over-month, slightly below the forecast of 0.4% but an improvement from the previous -0.9%.