US producer prices rise slightly above expectations in August

People display merchandise for pedestrians around Times Square, in New York, U.S., December 25, 2023. REUTERS/Eduardo Munoz/File Photo

WASHINGTON: U.S. producer prices increased slightly more than expected in August amid higher costs for services, but the trend remained consistent with subsiding inflation.

The producer price index for final demand rose 0.2% last month, the Labor Department's Bureau of Labor Statistics said on Thursday. Data for July was revised lower to show the PPI being unchanged instead of edging up 0.1% as previously reported. Economists polled by Reuters had forecast the PPI gaining 0.1%.