US producer prices were flat in June, falling short of expectations for a 0.3% mom rise. While a 0.3% mom increase in goods prices provided some support, a -0.1% mom dip in services prices offset the gain. PPI excluding food, energy, and trade services was unchanged on the month too.
On an annual basis, headline PPI slowed to 2.3% yoy from 2.6% yoy, also below forecasts 2.5% yoy. The more stable core measure still rose 2.5% year-on-year.
