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Tags: producer price index | ppi | wholesale prices | 8.7% | inflation | consumer demand

Wholesale Prices Fall to 8.7 Percent, but Remain High

Wholesale Prices Fall to 8.7 Percent, but Remain High
(AP)

Wednesday, 14 September 2022 08:42 AM EDT

U.S. producer prices fell for second straight month in August as energy prices declined further, data showed on Wednesday.

The producer price index for final demand dipped 0.1% last month after slipping 0.4% in July, the Labor Department said. In the 12 months through August, the PPI increased 8.7% after rising 9.8% in July.

Economists polled by Reuters had forecast the PPI dipping 0.1% and increasing 8.8% year-on-year.

The government on Tuesday reported a surprise increase in monthly consumer prices in August as well as an acceleration in underlying inflation, which cemented expectations for a third 75 basis points interest rate hike from the Federal Reserve next Wednesday.

Excluding the volatile food, energy and trade services components, producer prices gained 0.2% in August. The so-called core PPI edged up 0.1% in July. In the 12 months through August, the core PPI advanced 5.6% after increasing 5.8% in July.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. producer prices fell for second straight month in August as energy prices declined further, data showed on Wednesday. The producer price index for final demand dipped 0.1% last month after slipping 0.4% in July, the Labor Department said.
producer price index, ppi, wholesale prices, 8.7%, inflation, consumer demand
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2022-42-14
Wednesday, 14 September 2022 08:42 AM
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