US Producer Prices Rise More than Expected
Factory gate prices in the US increased 0.2% month-over-month in August 2024, following a downwardly revised flat reading in July and above forecasts of 0.1%. Prices of services increased 0.4%, after a 0.3% drop in July, led by a 4.8% rise in prices for guestroom rental.
The indexes for machinery and vehicle wholesaling, automotive fuels and lubricants retailing, residential real estate loans (partial), professional and commercial equipment wholesaling, and furniture retailing also moved higher. In contrast, prices for airline passenger services fell 0.8%. Meanwhile, goods cost was unchanged, as rises in cost for non-electronic cigarettes (2.3%), chicken eggs, gasoline, diesel fuel, and drugs and pharmaceuticals offset falls in prices for jet fuel (-10.5%), meats; electric power; hay, hayseeds, and oilseeds; and nonferrous scrap. Year-on-year, producer prices rose 1.7%, below a downwardly revised 2.1% in July and forecasts of 1.8%.
Source : Trading Economics
