U.S. producer prices rise at slower pace in August
The numbers: The U.S. producer price index rose 0.7% in August, the Labor Department said Friday. That’s down from a 1% jump in July.The core producer price index, which excludes volatile food and energy prices, rose 0.3% in August, down from a 0.9% gain in the prior month.
Core prices are up 6.3% from a year earlier, up from 6.1% in July. That’s the largest gain since the data was first calculated in August 2014. Producers are still struggling with shortages, bottlenecks and transportation woes. in the wake of the coronavirus pandemic. These factors could continue to put upward pressure on wholesale prices.
The cost of services rose 1.5% last month, down slightly from 1.7% in July. The gain was led by health, beauty and optical goods prices.
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