Washington, Sep 14 (IANS) US wholesale prices posted the biggest monthly gain in August since June 2009 due to a spike of energy prices, the Labor Department reported.
The Producer Price Index (PPI), which measures price changes at factory gates, rose 1.7 percent in August on a seasonally adjusted basis, boosted by higher energy and food costs. The PPI ticked up 0.3 percent in July, reported Xinhua.
Energy prices jumped 6.4 percent in August, snapping a five-month decline trend. Food costs increased 0.9 percent in August as the US agricultural sector was affected by the worst drought in half a century.
Excluding the volatile food and energy sectors, the so-called "core" wholesale prices rose 0.2 percent in August from the previous month.
The wholesale prices rose 2 percent over the past 12 months ending August.
|
|
Comments:
