U.S. producer prices fell for a second straight month in August as the cost of gasoline declined further, resulting in the smallest annual increase in a year, which could allay fears of inflation becoming entrenched.
The report from the Labor Department on Wednesday also showed underlying producer inflation rising moderately last month, suggesting that snarled supply chains were loosening up. It followed on the heels of news on Tuesday of a surprise increase in monthly consumer prices in August, which cemented expectations for a third 75 basis points interest rate hike from the Federal Reserve next Wednesday.
Excluding food and energy, producer goods prices rose 0.2%, matching July's gain. The second straight monthly moderate increase in the so-called core goods prices is mostly the result of easing global supply chains and a shift in domestic spending back to services. Stocks on Wall Street were trading higher after Tuesday's sharp sell-off. The dollar slipped against a basket of currencies. U.S. Treasury prices fell.Fed officials gather next Tuesday and Wednesday for their regular policy meeting. Financial markets have priced in a 75 basis points rate increase next Wednesday, with potential for a full percentage point rise, according to CME's FedWatch Tool.
A tight labor market, with two job openings for every unemployed person at the end of July, accounts for much of the increase in the cost of services.
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