Wholesale inflation slows in August, but prices remain at multi-decade highs

Inflation at the wholesale level cooled for a second straight month in August, although prices for everyday necessities remained at multi-decade highs, squeezing businesses and millions of American households.

The Labor Department said Wednesday that its producer price index, which measures inflation at the level of wholesale sales before it reaches consumers, fell 0.1% in August from a month earlier. On an annual basis, prices rose 8.7% – a significant decline from the 9.8% increase recorded in July and the lowest level since August 2021.

Refinitiv’s survey of economists had missed an 8.8% annual gain and a 0.1% monthly decline.

Excluding food, energy and business services, headline inflation rose 0.2% month-on-month. This fell short of expectations for a 0.3% gain. Over the past 12 months, core prices rose 5.7%.

Overall, commodity prices fell 1.2% last month, the biggest contributor to the drop in the intervention inflation number. That decline is often seen with a 6% decline The final demand is the price of energyThat includes a 12.7% drop in gasoline prices, according to the Labor Department.

This is a growing story. Check back for updates.

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