Industrial product prices rose 0.7% in July, topping estimates for a 0.3% gain and increasing for the second straight month thanks to energy products, precious metals, and telecommunications equipment…

… which was led by a ~7% rise in the price of electric wires and cables - the largest sequential gain in over three years, as copper tariffs push end product prices higher.

Input costs beat too, rising 0.3% versus expectations for a 0.5% decline on the back of a >3% gain in animal product prices, the largest in over a year…

… which drove the eighth straight month of growth in meat, fish, and dairy product prices - a key driver of the recent inflation print.