US producer prices rise 0.4pc in August as energy and freight costs weigh.
US producer prices rose in August, according to the Bureau of Labor Statistics, with the PPI for final demand up 0.4% month‑on‑month and 5.4% year-on-year.
Source: Sharecast
Prices for final demand goods increased 1.1%, driven largely by a broad rise in energy costs, which were up 4.2%, while goods excluding food and energy rose 0.4%, and food prices edged 0.1% higher.
The BLS said more than a third of the monthly increase in goods prices reflected a 24.1% jump in diesel fuel, with gasoline, jet fuel, heating oil, candy and nuts, and tobacco products also higher.
The final demand services index rose 0.1%, marking a third straight monthly gain.
Transportation and warehousing services climbed 2.3%, led by a 2% rise in truck freight rates, while airline passenger services, legal services, hospital inpatient care and partial auto retailing also increased.
Trade services, on the other hand, slipped 0.2%, while margins for fuels and lubricants retailing dropped 11.3%.
Excluding food, energy and trade services, so-called core PPI rose 0.3% in August, following a 0.4% increase in July, leaving the annual rate of increase at 4.7%.
Reporting by Iain Gilbert at Sharecast.com
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