US producer prices have not increased this much since last summer

By RockedBuzz 1 Min Read

In August, the year-on-year increase in the producer price index was 1.6 percent, after the previous month’s 0.8 percent increase, the average of analysts’ expectations was a smaller increase of 1.2 percent. In line with analysts’ expectations and the same as the previous month, core producer inflation was 2.2 percent year-on-year.

In line with analysts’ expectations, the producer core index rose by 0.2 percent in August after the 0.4 percent increase in July.

Industrial producer prices reliably predict trends in consumer prices, as they are directly reflected in the final prices of goods and services.

On Wednesday, the US Department of Labor presented the data on the development of consumer prices in August: the US Bureau of Labor Statistics announced that the increase in consumer prices in the United States accelerated to 3.7 percent year-on-year from 3.2 percent in July. The August inflation figure of 3.6 percent was included in the average of analysts’ expectations.

Cover image source: Getty Images

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