Producer prices and retail sales inch higher as Fed weighs next policy decision

September 14, 2023 10:50 PM AEST | By Investing

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Producer prices and retail sales inch higher as Fed weighs next policy decision — Image source: Kalkine Media

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Investing.com -- U.S. producer prices rose by more than anticipated in August, while retail sales unexpectedly edged higher, suggesting a mixed picture of sticky inflation and resilient consumer activity heading into next week's key Federal Reserve interest rate decision.

On a monthly basis, the producer price index (PPI), which aims to measure the prices businesses receive for their goods and services, accelerated to 0.7% from an upwardly revised mark of 0.4% in July, mirroring a similar jump in consumer price growth. Economists had expected a PPI reading of 0.4%.

Annually, the PPI rate of 1.6% was faster than projections of 1.2% and far above the prior month's level of 0.8%.

Meanwhile, retail sales increased by 0.6% month-on-month from a downwardly revised 0.5% in July, in a possible sign that consumers remain ready to spend despite an unprecedented campaign of interest rate hikes by the Fed. The figure was estimated to slow to 0.2%.

This article first appeared in Investing.com

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