US producer price index rises by 1.7% in August, hits 3-year high

13 September 2012 16:28  [Source: ICIS news]

HOUSTON (ICIS)--The US Producer Price Index for finished goods rose 1.7% in August, marking its highest increase in more than three years, the US Department of Labor said on Thursday.

Augusts’ increase followed advances of 0.3% in July and 0.1% in June. It marked the largest monthly rise since a 1.9%-increase in June 2009, the department said.

The increase was largely driven by higher energy prices – up 6.4% in August - as well a higher food prices.

Excluding energy and food, the index was up 0.2% in August, following a 0.4% increase in July.

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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