By CHRISTOPHER RUGABER, AP Economics Writer
WASHINGTON (AP) — Wholesale inflation picked up last month after cooling earlier this summer as higher oil and gas prices stemming from the Iran war are keeping costs elevated.
The Labor Department’s producer price index — which captures inflation before it reaches consumers — rose 5.4% in August from a year ago, up from 4.7% in July, the government said Thursday. Annual wholesale inflation peaked this year at 5.9% in May after the Iran conflict raised energy costs. On a monthly basis, wholesale prices increased 0.4% from July to August, after a 0.1% increase the previous month.
Inflation has shown some signs of easing in recent months but is still high, frustrating consumers who are struggling with more expensive gas, groceries, clothing and other essentials. Oil prices globally topped $100 a barrel this week on renewed fighting in the Middle East, while President Donald Trump has intensified a trade war with Canada, a sign tariffs still could push up costs. Rising prices pose a political problem for the Trump administration and Republicans running in the midterm elections.
Excluding the volatile food and energy categories, core prices rose 0.2% from July to August, the same as the previous month. Compared with a year ago, core prices rose 4.6%, up from 4.2% in July.
Thursday’s figures will come under particularly close scrutiny because they could help determine whether the Federal Reserve raises its short-term interest rate at a policy meeting next week. Data from the producer price index helps calculate the Fed’s preferred inflation measure, which will be released Sept. 30.
Related Posts:
- How much are tickets for Glastonbury 2027? Latest as prices soar above £400 Entertainment Glastonbury tickets are the most expensive in history, and many fans are outraged (Picture: Joseph Okpako/WireImage) Glastonbury is finally returning after its fallow year – but anyone hoping to make the pilgrimage to Worthy Farm might want to have a frank conversation with their bank account first. Tickets for the…
- Higher costs force tough choices for pet owners and veterinarians News At 16, Louie is an old man by cat standards. Two years ago, Alexandra Pearce noticed that the cat who usually stuck to her like Velcro wasn’t quite himself. What started as a minor rash under his collar evolved into a painful, swollen ulcer in his left eye that required…
- US markets point lower as crude prices breach $100 with the conflict around Iran intensifying News By YURI KAGEYAMA and MICHELLE CHAPMAN, AP Business Writers U.S. futures are sliding after intensifying violence in the Middle East pushed the price of crude oil over $100 a barrel. It’s the first time Brent crude, the international standard, has reached triple digits in nearly six weeks. Fighting in the…
- Trump says oil prices that spiked because of Iran war likely won’t come down until after midterms News By AAMER MADHANI, Associated Press WASHINGTON (AP) — President Donald Trump said Wednesday that oil prices that have surged because of the Iran war likely won’t come down until after U.S. midterm elections. Oil prices on Wednesday jumped more than 3%, pushing international Brent crude past the $100 threshold for the first time since…
- On heels of Lineage fire, lawmakers urge Newsom to sign bills in support of Boyle Heights News Two state lawmakers and local elected officials who represent Boyle Heights urged Gov. Gavin Newsom on Wednesday to sign bills aimed at supporting residents impacted by the June 17 Lineage Logistics warehouse fire, and prevent a similar disaster from occurring elsewhere across California. Mayor Karen Bass, Assemblyman Mark González, D-Los…
(Visited 1 times, 1 visits today)