Inflation at the wholesale level jumped 8.7% in August from a year earlier, a slowdown from July yet still a painfully high level that suggests prices will keep spiking for months to come. inflation kprc2 click2houston us
Wednesday's report from the Labor Department also showed that on a month-to-month basis, the producer price index — which measures inflation before it reaches consumers — declined 0.1% from July to August, the second straight monthly decline.
Yet the better readings mostly reflect plunging gas prices and don't necessarily point to a broader slowdown in inflation. A measure that excludes the volatile food and energy categories — so-called core prices — rose 0.4% from July to August and 7.3% in August compared with a year ago.— rose 0.4% in August, driven by higher prices for public transportation, car rentals and some financial services.
Wednesday's producer price data captures inflation at an earlier stage of production and can often signal where consumer prices are headed. It also feeds into the Fed’s preferred measure of inflation, which is called the personal consumption expenditures price index. Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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