Financial News: U.S. Producer Prices Rise Slightly More Than Expected

U.S. Producer Prices Rise Slightly More Than Expected In August

09/12/2024 - 08:37:00 (RTTNews)

(RTTNews) - A report released by the Labor Department on Thursday showed producer prices in the U.S. rose by slightly more than expected in the month of August.

The Labor Department said its producer price index for final demand crept up by 0.2 percent in August, while revised data showed prices were unchanged in July.

Economists had expected producer prices to inch up by 0.1 percent, matching the uptick originally reported for the previous month.

Meanwhile, the report said the annual rate of producer price growth slowed to 1.7 percent in August from a downwardly revised 2.1 percent in July.

The year-over-year increase by producer prices was expected to decelerate to 1.8 percent from the 2.2 percent originally reported for the previous month.

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