US PPI rises 5.4% YoY, exceeding expectations as energy prices surge

US PPI rises 5.4% YoY, exceeding expectations as energy prices surge

The PPI measure excluding foods, energy and trade services increased 0.3% after a 0.4% rise in July and was up 4.7% over the year.

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By Editorial Team
Edited by Vivian Nguyen

The US Producer Price Index rose 0.4% in August as energy and transportation costs pushed wholesale inflation higher, according to the latest BLS data. Over the 12 months ended in August, US PPI increased 5.4%.

Goods prices rose 1.1% in August, ending two consecutive monthly declines, while services prices edged up 0.1%. Energy prices increased 4.2% and accounted for more than three-quarters of the goods advance, with diesel fuel surging 24.1%. Gasoline, jet fuel and home heating oil prices also increased, while residential electric power prices declined 0.5%.

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Core PPI, which excludes foods, energy and trade services, increased 0.3% after a 0.4% rise in July and was up 4.7% over the year.

Services inflation was supported by a 2.3% increase in transportation and warehousing prices, including a 2.0% rise in truck freight transportation, while trade service prices declined by 0.2%.

Bitcoin fell about 1.4% to under $77,000 at press time following the latest US PPI report. The crypto asset has declined 3.5% in the past 24 hours, CoinGecko data shows.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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US PPI rises 5.4% YoY, exceeding expectations as energy prices surge
US PPI rises 5.4% YoY, exceeding expectations as energy prices surge

The PPI measure excluding foods, energy and trade services increased 0.3% after a 0.4% rise in July and was up 4.7% over the year.

By Editorial Team
Edited by Vivian Nguyen

Share

Add us on Google

The US Producer Price Index rose 0.4% in August as energy and transportation costs pushed wholesale inflation higher, according to the latest BLS data. Over the 12 months ended in August, US PPI increased 5.4%.

Goods prices rose 1.1% in August, ending two consecutive monthly declines, while services prices edged up 0.1%. Energy prices increased 4.2% and accounted for more than three-quarters of the goods advance, with diesel fuel surging 24.1%. Gasoline, jet fuel and home heating oil prices also increased, while residential electric power prices declined 0.5%.

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Core PPI, which excludes foods, energy and trade services, increased 0.3% after a 0.4% rise in July and was up 4.7% over the year.

Services inflation was supported by a 2.3% increase in transportation and warehousing prices, including a 2.0% rise in truck freight transportation, while trade service prices declined by 0.2%.

Bitcoin fell about 1.4% to under $77,000 at press time following the latest US PPI report. The crypto asset has declined 3.5% in the past 24 hours, CoinGecko data shows.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.