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U.S. producer prices in August made largest annual increase since 2010

U.S. producer prices in August made largest annual increase since 2010
The index, which measures average changes in prices for U.S. producers, had increased by 1% in June and July. Photo by John Angelillo/UPI | License Photo

Sept. 10 (UPI) -- Producer prices in the United States rose substantially in August and saw their highest 12-month increase in more than a decade, the Labor Department said in its monthly report Friday.

The producer price index rose by 0.7% over July -- and by 8.3% over August 2020, the greatest annual gain since 2010.

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The index, which measures average changes in prices for U.S. producers, had increased by 1% in both June and July.

The report reflects concern about the impact of persistent, ongoing supply chain issues and renewed COVID-19 measures following the emergence of the Delta coronavirus variant.

The report said more than 30% of the August increase can be attributed to a rise in margins for health, beauty and optical goods retailing.

Trade services increased 1.5%, goods prices rose 1% and food surged 2.9%.

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