Producer Price Index

The Producer Price Index determines the rate of inflation (i.e. the rate of change in prices) that industrialists experience when they purchase goods and services. When industrialists pay more money to obtain goods and services, then the possibility of higher costs being passed on to the consumer increases, and therefore the Producer Price Index is believed to It is a leading indicator of consumer inflation. The Producer Price Index is taken into consideration to a large extent, and when it reaches peak readings, its impact on the market is equal to the impact of the Consumer Price Index.
US producer prices rose 0.3% month-on-month in July 2023, the largest increase since January, and above market expectations of 0.2%. This comes after a downwardly revised flat reading in June. Services prices rose 0.5%, the largest rise since August 2022, rebounding from a 0.1% decline in June, led by portfolio management (7.6%) and transportation and warehousing services (0.5%). Wholesale prices of machinery and vehicles also increased; Outpatient care (partial); Wholesale chemicals and related products; Securities brokerage, dealing, investment advice, and related services; And passenger transportation (partial). Meanwhile, good prices rose 0.1%, after a flat reading in June, led by food (0.5%), specifically meat (5%). gaseous fuel indicators; Straw, hayseed and oilseed. Benefit of natural gas. Cars also rose. On an annual basis, the Producer Price Index rose 0.8%, above June's 0.2% and expectations of 0.7% amid base effects. In July 2022, prices began to slow

Expectations for today's statement and how it will affect the currency

The estimate for today's statement is 0.4%.
If data is released at a rate higher than expectations, it affects the currency positively and vice versa

Timing of statement release 

This statement will be issued at exactly 3:30 pm Mecca time