US producer prices rose 8.3% in August on an annual basis, higher than the market estimate of 8.2%, according to the US Labor Department on Friday.
The Producer Price Index (PPI), which measures changes in the price of goods and services from a producer perspective, rose 7.8% in July.
In August, the PPI rose 0.7% from the previous month, which was also above the market expectation of 0.6%, after rising 1% in July.
“Two-thirds of the broad-based increase in August can be traced to the index for final demand trade services, which rose 1.5%,” the Labor Department said in a statement.
Core producer prices, which exclude food and energy, also rose 0.6% in August from the previous month, while they jumped 6.7% year-on-year. Market estimates were 0.5% and 6.6%, respectively.
While core PPI increased 1% in July on monthly basis, it was up 6.2% annually.
Anadolu Agency