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Producer prices up 1.7 percent in August

Sept. 13, 2012 at 11:16 AM

WASHINGTON, Sept. 13 (UPI) -- U.S. producer prices for finished goods rose in August at a faster clip than any month since June 2009, the Bureau of Labor Statistics reported Thursday.

Prices rose 1.7 percent, seasonally adjusted, after rising 0.3 percent in July and 0.1 percent in June.

Prior to that, producer prices fell month to month for three consecutive months.

On an annual basis, prices were up 2 percent.

Prices for finished foods rose 0.9 percent in August. For finished goods in the energy sector, prices rose 6.4 percent in August after falling 0.4 percent in July and 0.9 percent in June.

Energy prices dropped 4.1 percent in May, the sharpest monthly decline of the year.

Core prices, which exclude food and energy items, rose 0.2 percent in August from July.

For goods still in production, called intermediate goods, prices rose 1.1 percent in August. For raw materials, called crude goods, producer prices rose 5.8 percent.

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