FX.co ★ US Core PPI (Ex. Food, Energy, Transport) Eases to 4.7% in July, Extending Disinflation Trend

The United States Producer Price Index excluding food, energy and transport slowed to 4.7% year-over-year in July 2026, down from 5.1% in June 2026. The data, updated on 13 August 2026, signal a continued moderation in underlying producer-level inflation pressures.

Both the current and previous readings compare price changes in each month to the same month a year earlier, providing a year-over-year gauge of underlying cost dynamics for producers. July’s deceleration suggests that core pipeline inflation is easing, which could, over time, reduce pressure on consumer prices if the trend persists.

The slowdown in this core PPI measure will be closely watched by markets and policymakers as an indicator of whether disinflation in production costs is becoming more firmly established, potentially influencing expectations for future monetary policy and corporate margin dynamics.