U.S. wholesale prices climb to 5.4% annual rate in August
The Producer Price Index rose 0.4% in August, pushing the year-over-year rate to 5.4%, the highest reading of the year.
In August, the Producer Price Index advanced 0.4% on a seasonally adjusted basis, according to the Bureau of Labor Statistics, bringing the annual inflation rate for wholesale goods to 5.4%, the highest figure recorded this year. Energy prices accounted for much of the monthly rise, with diesel fuel jumping 24.1% and gasoline and jet fuel also increasing. The index for final-demand goods grew 1.1%, while core PPI, which strips out food and energy, rose 0.3% month-over-month.
Intermediate-demand prices also climbed, with processed goods up 1.8% and unprocessed goods up 1.1% for the month. All stages of production showed price gains, from early-stage intermediates rising 1.4% to stage-four intermediates up 0.4%. The August reading follows a recent acceleration after a 4.8% annual rate in July.
