US Producer Prices Rise Higher Than Market Forecast in August

Published on September 12, 2024

The producer price index (PPI)—a gauge of prices businesses pay for goods and services—rose higher than expected, with most of the increase attributed to the final demand for services. According to the Bureau of Labor Statistics, producer prices jumped by 0.2 percent in August, up from the 0.1 percent increase in July. The market had penciled in an increase of 0.1 percent. The PPI increase eased to a lower-than-expected 1.7 percent year over year, down from a revised 2.1 percent in the previous month. This is the lowest level since February 2024. Core producer prices, which remove the volatile energy, food, and trade services components, surged by 0.3 percent, up from the 0.2 percent drop in July. The consensus estimate was a 0.2 percent gain....

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