- Prior -1.4%
- PPI Y/Y +12.4% vs +12.4% prior
- Raw Material Price index M/M -2.2% vs -6.9% prior
- Raw Material Price index Y/Y +18.1% vs +20.7% prior
The PPI increased 0.6% m/m in July, following a 1.4% decrease in June. Excluding energy and petroleum products, the PPI decreased 0.2%. The resumption of the conflict between the United States and Iran in July contributed to higher prices for energy and petroleum products. Lower prices for primary non-ferrous metals and chemicals offset these price increases.
The prices of energy and petroleum products rose 6.4% in July, leading the monthly increase in the PPI. Higher prices for refined petroleum energy products (+6.9%) drove the increase. Diesel fuel (+10.4%) and finished motor gasoline (+4.7%) were the top contributors to the monthly increase for the product group. Crude oil shipments through the Strait of Hormuz recovered for a brief period in early July, pushing crude oil prices downward. However, according to the International Energy Agency (IEA), refined product markets remained tight, pushing petroleum refinery margins to four-year highs in early July.
The prices of primary non-ferrous metal products declined 5.2% m/m in July. The decline was driven by unwrought gold, silver, and platinum group metals, and their alloys (-6.9%), followed by unwrought aluminum and aluminum alloys (-7.0%). Unwrought aluminum and aluminum alloys recorded its largest m/m decrease since April 2025.
Prices for chemicals and chemical products fell 3.4% m/m in July 2026. This decline was driven by fertilizers, pesticides and other chemical products (-10.8%). Lower prices for plastic resins (-4.3%) also contributed to the decline in chemicals and chemical products.
