Producer Price Index Rises 8.7% In Past Year

Sep 15, 2022 | Political News

Producer prices shot up 8.7% in August over the previous 12 months, according to U.S. Bureau of Labor Statistics’ Producer Price Index released Wednesday.

Month over month, the index declined 0.1% for the month from July.

The rise in other producer prices in August was largely offset by a decrease in the cost of gasoline, which has dropped from its record-high levels in recent weeks.

“In August, over three-quarters of the decrease in prices for final demand goods is attributable to the index for gasoline, which fell 12.7 percent,” BLS said. “Prices for diesel fuel, jet fuel, chicken eggs, primary basic organic chemicals, and home heating oil also declined. In contrast, the index for construction machinery and equipment increased 2.6 percent. Prices for beverages and beverage materials and for electric power also rose.”