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US producer prices rise for 3rd straight month

US producer prices rise for 3rd straight month

Mubasher: The seasonally adjusted US producer price index (PPI) for final demand edged up by 0.1% in August, extending the rising trend from June and July, official data showed on Wednesday.

This came as a 0.5% drop in prices of goods, the biggest drop prices of goods since seven months, was muted by a 0.3% leap in the costs of services.

The unadjusted final demand index rose by 1.8% over the 12-month period ended last August, the US Bureau of Labor Statistics (BLS) said.

Stripping out volatile food, energy products and trade services, the PPI for final demand rose by 0.4%, recording the first drop since October 2015 in the preceding month, while the so-called core PPI climbed by 1.9% year-on-year.

By 12:35 pm GMT, the US dollar index rose by 0.29% to 98.61.