The Producer Price Index for last need increased 0.7% in August, seasonally changed, the U.S. Bureau of Labor Statistics reported today. On an unadjusted basis, the last need index went up 8.3% for the 12 months ended in August, the biggest advance given that 2010.
Prices for last need less foods, energy, and trade services increased 0.3% in August. For the 12 months ended in August, the index went up 6.3%, the biggest advance given that August 2014.
The index for last need products increased 1.0% in August. Most of the August boost can be traced to the index for last need foods, which went up 2.9%.
The index for last need services increased 0.7% for the month, the 8th successive boost. Nearly 2 thirds of the boost in August is attributable to the index for last need trade services, which went up 1.5%.
Read the BLS release.