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

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

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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.

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