The producer price index was expected to increase 0.4% in August, according to the Dow Jones consensus estimate.
The producer price index increased a seasonally adjusted 0.7% in August, higher than the 0.4% estimate and the biggest monthly gain since June 2022.Elsewhere, retail sales climbed a higher-than-expected 0.6% in August, well above the 0.1% estimate.A shopper peruses the meats section of a grocery store on September 12, 2023 in Los Angeles, California.Inflation at the wholesale level rose more than expected in August, countering recent data showing that price increases have tempered lately.
The data comes a day after the more closely followed consumer price index showed a rise of 0.6% on a monthly basis and 3.7% from a year ago. Excluding food and energy, core CPI increased 0.3% and 4.3% respectively. Those numbers are not adjusted for inflation, indicating that consumers continue to hold up despite rising prices and increasing levels of credit card debt. Compared to the monthly rise in CPI, retail sales in real terms were flat on the month. Sales were up 2.5% from a year ago, which was below the 3.7% annual CPI inflation rate.
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