WASHINGTON: US producer prices unexpectedly rose in August and underlying producer inflation rebounded, but the data on Wednesday did not change financial market expectations that the Federal Reserve will cut interest rates again next week to support a slowing economy.
In the 12 months through August, the PPI advanced 1.8 per cent after increasing 1.7 per cent in July. Economists polled by Reuters had forecast the PPI would be unchanged in August and rise 1.7 per cent on a year-on-year basis. The Fed, which has a 2 per cent annual inflation target, tracks the core personal consumption expenditures price index for monetary policy. The core PCE price index rose 1.6 per cent on a year-on-year basis in July and has undershot its target this year.US Treasury yields rose and US stock index futures pared gains slightly after the release of the PPI data. The dollar was trading higher against a basket of currencies.
Energy prices accounted for more than 80 per cent of the drop in the cost of goods in August. Wholesale food prices fell 0.6 per cent in August after gaining 0.2 per cent in the prior month. Core goods prices were unchanged last month. They edged up 0.1 per cent in July.
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