Producer Prices Rose 0.7% in August
Washington, DC, September 14, 2023-The Producer Price Index for final demand increased 0.7% in August, seasonally adjusted, after rising 0.4% in July, the U.S. Bureau of Labor Statistics reported.
The August advance is the largest increase in final demand prices since moving up 0.9% in June 2022. On an unadjusted basis, the index for final demand rose 1.6% for the 12 months ended in August.
In August, 80% of the rise in final demand prices is attributable to a 2.0% jump in the index for final demand goods. Prices for final demand services advanced 0.2%.
The index for final demand less foods, energy, and trade services increased 0.3% in August, the same as in July. For the 12 months ended in August, prices for final demand less foods, energy, and trade services rose 3.0%, the largest advance since moving up 3.4% for the 12 months ended in April.