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Wholesale prices in the United States picked up slightly in July yet still suggested that inflationary pressures have eased this year since reaching alarming heights in 2022.

The Labor Department reported Friday that its producer price index which measures inflation before it hits consumers rose 0.8% last month from July 2022.

The latest figure followed a 0.2% year-over-year increase in June, which had been the smallest annual rise since August 2020.

On a month-to-month basis, producer prices rose 0.3% from June to July, up from no change from May to June.

Last month’s increase was the biggest since January. An increase in services prices, especially for management of investment portfolios, drove the month-to-month increase in wholesale inflation.

Wholesale meat prices also rose sharply in July.

Analysts said the July rise in wholesale prices, from the previous month’s low levels, still reflects an overall easing inflation trend.

The figures the Labor Department issued Friday reflect prices charged by manufacturers, farmers and wholesalers.

The figures can provide an early sign of how fast consumer inflation will rise in the coming months.

Since peaking at 11.7% in March 2022, wholesale inflation has steadily tumbled in the face of the Federal Reserve’s 11 interest rate hikes.

Excluding volatile food and energy prices, “core” wholesale inflation rose 2.4% from July 2022, the same year-over-year increase that was reported for June.

Measured month to month, core producer prices increased 0.3% from June to July after falling 0.1% from May to June.

On Thursday, the government reported that consumer prices rose 3.3% in July from 12 months earlier, an uptick from June’s 3% year-over-year increase.

But in an encouraging sign, core consumer inflation rose just 0.2% from June, matching the smallest month-to-month increase in nearly two years.

By all measures, inflation has cooled over the past year, moving closer to the Feds 2% target level but still remaining persistently above it.

The moderating pace of price increases, combined with a resilient job market, has raised hopes that the Fed may achieve a difficult soft landing: Raising rates enough to slow borrowing and tame inflation without causing a painful recession.

Many economists and market analysts think the Feds most recent rate hike in July could prove to be its last.

Before the Fed next meets Sept. 19-20 to decide whether to continue raising rates, it will review several additional economic reports.

They include another monthly report on consumer prices; the latest reading of the Feds favored inflation gauge; and the August jobs report.

Inflation began surging in 2021, propelled by an unexpectedly robust bounce-back from the 2020 pandemic recession.

By June 2022, consumer prices had soared 9.1% from a year earlier, the biggest such jump in four decades.

Much of the price acceleration resulted from clogged supply chains: Ports, factories and freight yards were overwhelmed by the explosive economic rebound.

The result was delays, parts shortages and higher prices.

But supply-chain backlogs have eased in the past year, sharply reducing upward pressure on goods prices.

Prices of long-lasting manufactured goods actually dipped in June.

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Zilisch breaks collarbone in scary Victory Lane fall

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Zilisch breaks collarbone in scary Victory Lane fall

WATKINS GLEN, N.Y. — NASCAR Xfinity Series points leader Connor Zilisch broke his collarbone after a hard fall in Victory Lane at Watkins Glen International.

After his series-leading sixth victory, Zilisch was climbing onto the roof of his No. 88 Chevrolet to celebrate. He slipped after apparently getting his left foot caught in the driver’s side window netting and tumbled awkwardly onto the asphalt.

Zilisch, 19, was taken on a backboard to the trackside medical center and then transported to a hospital for further evaluation. He posted on X about two hours later that he had a broken collarbone and that CT scans showed no head injury.

“Thank you everybody for reaching out today,” Zilisch posted. “I’m out of the hospital and getting better already. Thankful for all the medics for quick attention and grateful it wasn’t any worse.”

Zilisch will not be available for the Cup race Sunday at Watkins Glen. After racing in the Truck and Xfinity Series the past two days at the road course, he was scheduled to complete a tripleheader by making his fourth Cup start this season for Trackhouse Racing.

The scary incident capped an eventful day for Zilisch, who drives for Dale Earnhardt Jr.’s JR Motorsports team.

After starting from the pole position, Zilisch wrecked teammate Shane van Gisbergen’s car while battling for the lead on Lap 65. After being bumped from the lead to fifth on a restart, Zilisch retook first and led the final four laps.

“He did such a great job of getting back through the field and getting the lead,” crew chief Mardy Lindley told SiriusXM NASCAR Radio after the race. “Praying for Connor right now that he’s OK. I think he’s going to be fine.”

Zilisch missed a race earlier this season at Texas Motor Speedway after suffering a back injury during a crash at Talladega Superspeedway. He has 11 consecutive top-five finishes and five wins since his return.

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Rivera tears Achilles during Old-Timers’ game

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Rivera tears Achilles during Old-Timers' game

NEW YORK — Hall of Famer Mariano Rivera tore an Achilles tendon while going after a fly ball at the New York Yankees‘ Old-Timers’ Day game on Saturday and needs surgery.

Agent Fern Cuza said the 55-year-old closer, baseball’s career leader in saves, will have the operation within a week.

In his lone at-bat, Rivera singled off former teammate Andy Pettitte and easily ran to first base. During an at-bat by Willie Randolph, Rivera took a step and fell to the ground in shallow center field behind second base.

The Yankees restored the Old-Timers’ Day game for the first time since 2019.

“It was a fun day until we heard about Mariano. Mariano hurt his Achilles,” seven-time Cy Young Award winner Roger Clemens told WFAN broadcaster Suzyn Waldman. “I don’t know what was going on. We all thought it was a hamstring, but I think it’s a little worse than that. I think he’s at the hospital now. Unbelievable.”

Rivera was the second player to get hurt in the event since 2017. Eight years ago, former outfielder and current YES Network analyst Paul O’Neill strained a calf running to first base.

Rivera tore the ACL in his right knee in May 2012 while shagging fly balls in batting practice in Kansas City. He returned for his final season in 2013 and finished as baseball’s career saves leader with 652 and posted 42 postseason saves.

In 2019, the 13-time All-Star became the first player unanimously inducted into the Hall of Fame by getting all 425 votes in balloting conducted by the Baseball Writers’ Association of America. He helped the Yankees win five World Series titles and seven American League pennants.

Rivera was playing in the Old-Timers’ game for the second time. He hit an inside-the-park homer in 2019.

The event commemorated the 25th anniversary of the 2000 championship team, the last team to win three straight World Series titles. Clemens was a first-time attendee at the event, which had captain Derek Jeter give a short video message when he was introduced following Rivera.

Before the event, Rivera said he intended to speak with struggling reliever Devin Williams, who allowed three runs in the 10th inning Friday. He has allowed nine runs in his last five appearances and 28 earned runs this year, two more than 2022-24 combined.

“Can’t do nothing about it,” Rivera said Saturday morning. “Once it’s done, it’s done. Just learn from it, move on and be confident. You have to be confident in yourself. If you’re not confident in yourself, you’re playing the wrong sport.”

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Alonso equals Strawberry’s Mets career HR mark

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Alonso equals Strawberry's Mets career HR mark

MILWAUKEE — Pete Alonso hit his 252nd career home run Saturday night, tying the New York Mets record held by Darryl Strawberry for 37 years.

Alonso, 30, connected against Milwaukee Brewers starter Tobias Myers to lead off the second inning for his 26th homer this season, giving the Mets a 1-0 lead in a game they would go on to lose, 7-4. The 413-foot shot to left-center came on a 1-2 fastball at the top of the strike zone.

It was Alonso’s fourth homer in eight games, since he went deep Aug. 1 against San Francisco to end an 0-for-19 slump.

A homegrown star drafted by the Mets in 2016, Alonso broke into the big leagues with a bang in 2019, hitting 53 home runs to set a major league rookie record and establish a franchise high for a single season.

The five-time All-Star has reached 40 two other times and been one of the most consistent sluggers in baseball since his arrival. After a protracted negotiation, he returned to the Mets as a free agent in February on a two-year, $54 million contract that includes a $24 million player option for 2026, which Alonso will likely decline.

The only other active players who lead their current franchise in home runs are Manny Machado (Padres) and Mike Trout (Angels).

Giancarlo Stanton, now with the New York Yankees, holds the Miami mark with 267 for the Marlins.

Strawberry broke the previous Mets record with his 155th home run on May 3, 1988, passing Dave Kingman. Strawberry hit 252 in 1,109 games for New York during his first eight major league seasons from 1983 to 1990. He later played for the Dodgers, Giants and Yankees, finishing his 17-year career with 335 homers.

Alonso played his 963rd game Saturday night. The durable first baseman has appeared in 370 straight, a team record.

The Diamondbacks and Padres are the lone major league clubs that haven’t had a player hit more than 252 homers for them. Luis Gonzalez holds the Arizona record with 224, and Machado entered Saturday with 187 for San Diego.

Information from The Associated Press was used in this report.

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