News brief

Wholesale inflation surged unexpectedly last month as President Donald Trump’s sweeping taxes on imports are pushing costs higher. The Labor Department reported Thursday that its producer price index – which measures inflation before it hits consumers – was up 0.9% last month from June and 3.3% from a year earlier. Some aspects of Thursday's producer price report were puzzling, including a big jump in profit margins at retailers and wholesalers. Mr. Trump's tariffs have generated uncertainty about the U.S. economy.