indicating that businesses were .
对这个结构合理的解释是:indicating=which indicated的缩写,这是一个定语从句的省略.
那么这个定语从句的主语自然是which,指代前面的整个句子.
不能理解为非谓语作状语,因为非谓语的逻辑主语和主句是一样的,
如果是非谓语作状语的话,indicating that businesses were .这个结构的主语是
Wholesale prices(批发价),显然不合理,因为暗示后面内容的不是Wholesale prices,
而是Wholesale prices in july rose more sharply than expected and at a faster rate than consumer prices,整句话.
希望能帮到您