The Bureau of Labor Statistics will release the producer price index on Wednesday, followed by the consumer price index the next day.

The Bureau of Labor Statistics will release the producer price index on Wednesday, followed by the consumer price index the next day.

The producer price index, a gauge of costs at the wholesale level in the U.S. economy, posted an unexpected 0.1% decline in August.

A key CPI report will offer a snapshot of where the economy is headed as the Fed weighs cutting rates amid rising inflation.

The consumer price index was expected to increase 0.3% in August, according to the Dow Jones consensus estimate.

The consumer price index picked up to 2.9 per cent in August, accelerating from 2.7 per cent on a year-on-year basis in July.