Producer prices in the U.S. rose by slightly less than expected in the month of August, according to a report released by the Labor Department on Wednesday.
The Labor Department said its producer price index for final demand edged up by 0.2 percent in August after slipping by 0.1 percent in July. Economists had expected the index to climb by 0.3 percent.
The increase in producer prices was partly due to a jump in energy prices, which surged up by 3.3 percent in August after falling by 0.3 percent in the previous month. Prices for gasoline spiked by 2.9 percent.
Meanwhile, the report said food prices tumbled by 1.3 percent in August after coming in unchanged in July. Meat prices plunged by 3.4 percent.
Excluding food and energy prices, core producer prices inched up by 0.1 percent in August after dipping by 0.1 percent in July. Core prices had been expected to rise by 0.2 percent.
Compared to the same month a year ago, producer prices were up by 2.4 percent in August, a notable acceleration from the 1.9 percent growth seen in July.
The year-over-year growth in core consumer prices also accelerated to 2.0 percent in August from 1.8 percent in July.
On Thursday, the Labor Department is scheduled to release a separate report on consumer prices in the month of August. Consumer prices are expected to rise by 0.3 percent.
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