July PPI inflation falls to 4.7%, below 4.9% forecast

July Producer Price Index data: headline PPI rose 4.7% year over year versus 4.9% expected. Core PPI, which excludes food and energy, increased 4.2% year over year, matching expectations. Month-over-month PPI was 0.0%, the first flat reading since June 2025. Interest-rate hike probabilities declined following the release. Lower-than-expected producer inflation and flat monthly momentum reduce pressure on monetary policy tightening, which tends to support risk assets including cryptocurrencies.