US producer inflation increases by 1.6% in August

By Gokhan Ergocun

ISTANBUL (AA) - Producer inflation in the US increased by 1.6% year-on-year in August, and 0.7% on a monthly basis, exceeding market expectations.

According to official figures on Thursday, the monthly increase in August was the largest since moving up 0.9% in June 2022.

The rate was up by 0.8% on a yearly, and 0.4% on a monthly basis in the previous month.

In August, energy prices posted an increase of 10.5%, while food items decreased by 0.5% month-on-month.