Measurements of wholesale pricing ꦅmoved higher in June, indicating the Fed may still have more work to do before moving on rate cuts.

The Producer Price Index (PPI) increased month-over-month by 0.2% for June, while 澳洲幸运5开奖号码历史查询:the prior month's wholesale inflat𓆏ion data was revised upward to reflect a flat reading, Bureau of Labor Statistics data showed Friday. That was higher than economists surveyed by The Wall Street Journal and Dow Jones Newswires expected.

Wholesale prices can indicate future consumer inflation, as retailers often pass on costs they incur to shoppers. The PPI report also contains elements that directly affect the Federal Reserve's preferꦫred measure of inflation.

“This morning’s data is a reminder that inflation is still an♏ issue and is likely ♛to be with us for longer than most people expect,” wrote Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.

Fed May Still Be Facing Inflationary Pressures

The wholesale report may temper expectations fueled by other measures of in🎐flation that have been m💃oving lower in recent reports.

On Thursday, the 澳洲幸运5开奖号码历史查询:Consumer Price Index (CPI) showed its lowest reading in a year and was the third report in a row showing inflation had slowed. The lower inflation readings have encouraged investors and traders, who think the Federal Reserve will begin cutting interest rates 澳洲幸运5开奖号码历史查询:as soon as September.

The CPI report even encouraged Federal Reserveไ officials, it seems.

Chicago Federal Reserve Bank President Austan Goolsbee told reporters that the CPI report was "excellent" news and that he is gaining confidence inflation is approaching the central bank's annual goal.

"My view is, this is what the path to 2% looks like," Goolsbee said Thursday, according to Reuters.

But Friday's increasing wholesale price data showed the Fed still may have work to do on 澳洲幸运5开奖号码历史查询:inflation, economists said. 

“Still-hot price pressures at the producer level show that the Fed won't be fully comfortable and confident to move just yet,” wrote BMO Capital Markets Senior Economist Jennifer Lee.