U.S. wholesale prices accelerated in July, signaling renewed cost pressures at the producer level even as consumer inflation remains below 3%. The Producer Price Index climbed 0.9% from June, more than four times the consensus forecast of 0.2% and the steepest monthly gain since June 2022. On an annual basis, the index rose 3.3%, its highest reading since January and up from 2.4% in June. Excluding food and energy, core producer prices also jumped 0.9% on the month and 3.7% from a year earlier, both topping estimates and marking the sharpest monthly advance since March 2022. Increases were broad-based across goods and services. The surge follows a modest July Consumer Price Index reading of 2.7% year-over-year and a 3.1% core rate released earlier this week. Economists said the divergence suggests producer-level costs—helped along by higher input prices and lingering tariff effects—could pass through to consumers in coming months, complicating the inflation outlook.