A report released by the Labor Department on Thursday showed producer prices in the U.S. increased by more than expected in month of August.
The Labor Department said its producer price index for final demand advanced by 0.7 percent in August after climbing by an upwardly revised 0.4 percent in July.
Economists had expected producer prices to rise by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month.
The report also said the annual rate of producer price growth accelerated to 1.6 percent in August from 0.8 percent in July. The annual rate of growth was expected to accelerate to 1.2 percent.
