The U.S. producer price index (PPI) for July surged 0.9 percent, the largest monthly jump since June 2022, indicating that the upstream of the U.S. industrial chain is facing a new round of inflationary pressure, according to a Thursday report from the U.S. Bureau of Labor Statistics.
The index, which tracks prices for final demand goods and services, far exceeded the Dow Jones estimate of a 0.2 percent increase.
The year-on-year increase of the index reached 3.3 percent in July, significantly higher than the 2.3 percent in June and the market expectations of 2.6 percent.
U.S. July PPI sees largest jump since June 2022
U.S. July PPI sees largest jump since June 2022
U.S. July PPI sees largest jump since June 2022
South Africa's National Disaster Management Centre declared a national disaster on Sunday as heavy rains and flooding continued to batter northern parts of the country.
According to local media reports, continuous rainfall since late December has caused severe flooding in Limpopo Province, where at least 17 people, including two children, have died. Minister of Cooperative Governance and Traditional Affairs Velenkosini Hlabisa said in a statement on Sunday that 20 people had been killed in flood-related incidents in Mpumalanga Province.
More than 1,600 homes and 31 schools have been affected in Limpopo, while over 1,000 homes in Mpumalanga have suffered varying degrees of damage. The flooding has also forced the partial closure of Kruger National Park, one of Africa's largest wildlife reserves, with more than 600 visitors evacuated after rising waters inundated access roads and campsites.
The South African National Defence Force has deployed two helicopters to assist with rescue operations and evacuate residents stranded in hard-hit areas.
S Africa declares national disaster as flooding batters northern region
