The U.S. Department of Labor's Bureau of Labor Statistics announced on July 15 (local time) that the Producer Price Index (PPI) for June fell by 0.3% compared to the previous month.

This marks the first time the PPI has declined month-on-month in 10 months, following a 0.2% drop in August of last year.

The consensus forecast from experts surveyed by Dow Jones had anticipated a flat reading.

The year-on-year increase was recorded at 5.5%.

Excluding the volatile categories of energy, food, and trade services, the core PPI rose by 0.1% month-on-month and 5.1% year-on-year.

The producer price index, often referred to as wholesale inflation, is considered a leading indicator for consumer prices, as it tends to be reflected in the prices of final consumer goods with a certain time lag.