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US wholesale inflation accelerates in August on diesel surge
The Producer Price Index rose 5.4% year-on-year in August, with diesel energy costs up 24.1% month over month according to US labor data.
US wholesale inflation accelerated in August, driven by higher energy costs, with diesel in particular surging, according to government data cited by SCMP Economy.
The Producer Price Index (PPI) increased 5.4% year-on-year last month, accelerating from a 4.8% rise in July, and topping a consensus expectation of 5.3%.
On a month-on-month basis, the PPI rose 0.4%, matching analysts’ expectations referenced by the outlet.
Energy costs climbed 4.2% over the month, with diesel fuel up 24.1%, as the report tied the move to continued US conflict with Iran.