Economic Calendar: More Tariff Pressures Set to Show Up in PPI? (16.07.2025)

Markets are still digesting yesterday’s rise in U.S. consumer inflation and the hawkish remarks from Dallas Fed President Lorie Logan, which further dampened expectations for monetary easing in the U.S. According to Logan, current inflationary pressure requires keeping interest rates elevated, and a single "softer" reading is not enough to justify a return to rate cuts.

Nevertheless, the inflation data season isn't over yet. After the unexpectedly high CPI reading from the UK, markets now await U.S. producer price data, which could carry more weight for investors than yesterday’s CPI. According to private sector data and surveys, the process of passing tariff-related costs onto consumers has already begun, meaning producer inflation could react more sharply to the new trade realities.

In addition to PPI, we will also receive data on June industrial production and the EIA report.

Economic calendar for today:

07:00 BST, United Kingdom – June inflation data:

• CPI YoY: 3.6%; forecast: 3.4%; previous: 3.4%

• CPI MoM: 0.3%; forecast: 0.2%; previous: 0.2%

• Core CPI YoY: 3.7%; forecast: 3.5%; previous: 3.5%

• Core CPI MoM: 0.4%; forecast: 0.2%; previous: 0.2%

10:00 BST, Eurozone – May trade balance:

• Forecast: €13.9B; previous: €9.9B

13:00 BST, Poland – June core inflation data:

• Core CPI YoY: forecast: 3.4%; previous: 3.3%

13:15 BST, Canada – June housing & construction data:

• Housing starts: forecast: 262.0K; previous: 279.5K

13:30 BST, United States – June inflation data (PPI):

• PPI YoY: forecast: 2.5%; previous: 2.6%

• PPI MoM: forecast: 0.2%; previous: 0.1%

• Core PPI YoY: forecast: 2.7%; previous: 3.0%

• Core PPI MoM: forecast: 0.2%; previous: 0.1%

• PPI excl. food/energy/transport YoY: previous: 2.7%

• PPI excl. food/energy/transport MoM: previous: 0.1%

14:15 BST, United States – June industrial production:

• Forecast: 0.1% MoM; previous: -0.2% MoM

15:00 BST, United States – Speech by Fed Vice Chair for Supervision, Barr

15:30 BST, United States – EIA report:

• Gasoline production: previous: 0.278M

• Heating oil inventories: previous: 0.603M

• Weekly distillate prices (EIA): previous: -0.825M

• Distillate fuel production: previous: 0.059M

• Crude oil inventories in Cushing: previous: 0.464M

• Gasoline inventories: previous: -2.658M

• Refinery crude runs (w/w, EIA): previous: -0.099M

• Crude oil inventories: forecast: -1.800M; previous: 7.070M

• Weekly refinery utilization rate (EIA, w/w): previous: -0.2%

• Crude oil imports: previous: -1.358M

19:00 BST, United States – Beige Book release

21:30 BST, United States – Speech by FOMC member Williams