US: Annual PPI surges to 8.3% in August vs. 8.2% expected
|- Annual PPI rose to its highest level in more than 10 years.
- US Dollar Index stays in the negative territory below 92.50.
The Producer Price Index (PPI) in the US for final demand rose to 8.3% on a yearly basis in August from 7.8% in July, the US Bureau of Labor Statistics announced on Friday. This reading came in higher than the market expectation of 8.2%.
Regarding the annual reading, the publication revealed that it was the largest advance since the 12-month data were first calculated in November 2010.
On a monthly basis, the PPI arrived at 0.7% after rising 1% in July.
Further details of the report showed that the annual Core PPI climbed to 6.7% from 62.%, surpassing analysts' estimate of 6.6%.
Market reaction
This report doesn't seem to be having a significant impact on the USD's performance against its major rivals. As of writing, the US Dollar Index was down 0.12% on the day at 92.40.
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