US Labor Department said its producer price index for final demand inched up by 0.1 percent in August after rising by 0.2 percent in July. The slight increase in producer prices came even though energy prices tumbled by 2.5 percent in August after surging up by 2.3 percent in the previous month. Gasoline prices plummeted by 6.6 percent. Food prices also showed a notable pullback during the month, slumping by 0.6 percent in August after rising by 0.2 percent in July. Excluding food and energy prices, core producer prices rose by 0.3 percent in August after edging down by 0.1 percent in July. Core prices had been expected to increase by 0.2 percent.
Powered by Commodity Insights