The US producer price index slowed in July on an annual basis to 2.2% from 2.7%, versus expectations of 2.3%, opening the door for the Federal Reserve to start cutting interest rates.
The US Bureau of Labor Statistics reported that the producer price index, which measures the selling prices that producers receive for goods and services, rose 0.1% on a monthly basis, and excluding the volatile food and energy components, the core producer price index remained steady.
