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Thursday, August 11, 2022

US producer prices unchanged in August

LONDON (ShareCast) – (ShareCast News) – The US producer price index, which measures the prices companies receive for goods and services, was unchanged in August after rising 0.2% in July, according to data released by the Bureau of Labor Statistics. Excluding food and energy, core prices were up 0.3% in August, versus consensus expectations for a 0.1% drop month-on-month. Over the year, prices were down 0.8%.

The drag from lower crude oil prices and a strong dollar was offset by a rise in profit margins for apparel, footwear and accessories retailing, which jumped 7%.

The benign inflation figures are likely to weigh on the US Federal Reserve, which wants to see prices closer to its 2% target before it raises interest rates.

The Fed is due to announce its decision next Thursday at the end of a two-day policy meeting.

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