Industrial Product Price Index (IPPI) rose 0.7% MoM in July and 2.6% YoY, marking the 10th consecutive annual gain.

• Energy and petroleum products increased 2.7% MoM, with diesel fuel up 6.6% due to low distillate stocks.

• Primary non-ferrous metals gained 2.7% MoM, led by unwrought platinum group metals (+12.4%) and silver (+4.8%), while unwrought gold fell -0.3%.

• Meat, fish, and dairy prices rose 0.6% MoM, with chicken up 7.9% and pork up 3.7% amid strong demand.

• On a YoY basis, unwrought gold, silver, and PGMs surged 33.7%, beef increased 16.5%, and softwood lumber rose 12.0%.

• Declines were seen in finished motor gasoline (-10.9% YoY), oilseed meal (-33.2% YoY), and gasoline engines/parts (-12.1% YoY).

Raw Materials Price Index (RMPI) rose 0.3% MoM in July and 0.8% YoY, with stronger growth excluding crude energy products.

• Animals and animal products jumped 3.2% MoM, the largest rise since April 2024, driven by hogs (+6.6%).

• Crude energy products rose 0.2% MoM, with synthetic crude up 1.0% and conventional crude flat.

• On a YoY basis, RMPI gains were led by gold, silver, and PGMs (+30.9%), cattle (+17.1%), and hogs (+18.1%).

• Conventional crude oil (-18.0% YoY) and synthetic crude (-15.2% YoY) weighed on the index, moderating overall growth.