News

U.S. Producer Prices Rose 0.7% in August, Slightly Higher Than Anticipated

0
Concept of rising price

Producer prices in the US economy rose by slightly more than expected in August, as reported by the Labor Department on Friday.

Source: US Department of Labor

DXY down -0.09%, EUR USD up +0.08%

The producer price index for final demand increased by 0.7% in August jumping by 1.0% for two consecutive months. Economists had expected producer prices to rise by 0.6%.

The bigger than anticipated increase in producer prices was partly due to a rebound in food prices, which rose by 2.9% in August after declining by 2.1% in July.

Prices for trade services also showed a significant increase, rising by 1.5% in August after surging up by 1.7% in July.

The core producer prices, excluding food, energy, and trader service prices, rose by 0.3% in August following July’s 0.9% percent increase. Core prices were expected to increase by 0.4%.

The report revealed a continued increase in prices for transportation and warehousing services, which increased by 2.8% in August after increasing by 2.7% in July.

With another monthly increase, the annual growth rate in producer prices increased to 8.3% in August from 7.8% in July, reflecting the largest increase since November 2020.

Global Chip Shortage Forces Google and Jio to Delay their India Smartphone Launch

Previous article

Swiss Stock Exchange Secures Go-Ahead to Launch Digital Bourse

Next article

You may also like

Comments

Leave a Reply

More in News