July 29, 2022 13:50 GMT
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- The July Chicago Business Barometer special question asked firms how they are looking to manage rising fuel prices affecting their running costs.
- The survey saw the Prices Paid index rise 2.3 points to 81.9 as price pressures intensified following a brief decline in June. Transparency issues regarding grounds for supplier price increases were flagged.
- Increasing charged prices was the mode tactic (56.7%), followed by 30% of firms reducing costs in other areas. Less businesses were reconsidering distribution plans (13.3%) and cutting back production (6.7%). 43.3% of firms were not intending to make changes or saw fuel prices not affecting running costs.
- This supports intensifying US factory-gate inflation into July, after final demand PPI saw a 0.4pp acceleration to +11.3% y/y in June.