US wholesale prices accelerated in July, with the Producer Price Index rising 0.9% from June—its biggest monthly gain since March 2022 and far above the 0.2% economists expected. The jump lifted the annual PPI rate to 3.3%, up from 2.4% the prior month. Inflation pressures were broad-based. Core PPI, which strips out food and energy, matched the headline increase at 0.9% on the month and climbed to 3.7% year-over-year, the fastest pace in more than three years. Services prices advanced 1.1%, while goods costs also edged higher, signalling that producers are facing rising input expenses across sectors. Labor-market data released the same day showed resilience. Initial jobless claims fell by 3,000 to 224,000 in the week ended Aug. 9, slightly below consensus forecasts, and continuing claims dipped to 1.953 million. The hotter-than-expected inflation print triggered a pullback in US equity futures and pushed Treasury yields higher as investors recalibrated expectations for the Federal Reserve’s next policy moves.