The US Producer Price Index rose 0.4% in August as energy and transportation costs pushed wholesale inflation higher, according to the latest BLS data. Over the 12 months ended in August, US PPI increased 5.4%.
Goods prices rose 1.1% in August, ending two consecutive monthly declines, while services prices edged up 0.1%. Energy prices increased 4.2% and accounted for more than three-quarters of the goods advance, with diesel fuel surging 24.1%. Gasoline, jet fuel and home heating oil prices also increased, while residential electric power prices declined 0.5%.
Core PPI, which excludes foods, energy and trade services, increased 0.3% after a 0.4% rise in July and was up 4.7% over the year.
Services inflation was supported by a 2.3% increase in transportation and warehousing prices, including a 2.0% rise in truck freight transportation, while trade service prices declined by 0.2%.
Bitcoin fell about 1.4% to under $77,000 at press time following the latest US PPI report. The crypto asset has declined 3.5% in the past 24 hours.
