US producer prices continue to fall in August
US producer prices declined again in August as fuel costs continued to fall, according to figures released on Wednesday by the Labor Department.
The producer price index for final demand fell 0.1% from July, in line with consensus expectations. Compared with August 2021, the PPI was up 8.7%, marking the lowest increase since August 2021.
Excluding food and energy, the producer price index rose 0.4% in August and was 7.3% higher than a year earlier.
Matthew Martin, US economist at Oxford Economics, said: "While today's PPI report suggests inflation is decelerating in parts of the economy, broad-based increases in yesterday's CPI show that consumer inflation remains stubbornly persistent.
"The CPI report keeps the Fed on track to raise rates 75 basis points next week and at least another 75bps by the end of the year."