Reflecting another sharp decline in energy prices, the Labor Department released a report on Wednesday showing a modest decrease in U.S. producer prices in the month of August.
The Labor Department said its producer price index for final demand edged down by 0.1 percent in August after falling by a revised 0.4 percent in July.
Economists had expected producer prices to dip by 0.1 percent compared to the 0.5 percent drop originally reported for the previous month.
The report also showed the annual rate of growth in producer prices slowed to 8.7 percent in August from 9.8 percent in July, roughly in line with estimates.
Meanwhile, excluding prices for food, energy and trade services, core producer prices rose by 0.2 percent in August after inching up by 0.1 percent in July.
The annual rate of growth in core producer prices slipped to 5.6 percent in August from 5.8 percent in the previous month.
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