The Producer Price Index (PPI) for final demand in the United States observed a monthly increase of 0.7% in August, more than analysts predicted, the Bureau of Labor Statistics said in its report published on Thursday.
The report underscored a rise of 2.0% in the index for final demand goods contributed to 80% of the final demand price growth. Meanwhile, prices for final demand services gained 0.2% month-on-month.
On an adjusted annual level, the index rose by 1.6%, also surpassing expectations. Prices for final demand, excluding foods, energy, and trade services, went up by 0.3% compared to the previous month and 3.4% in contrast with August 2022.