By Lucia Mutikani
WASHINGTON, Sept 10 (Reuters) - U.S. producer prices increased in August amid higher costs of goods, airline fares and hospital services, boosting the chances of an interest rate hike from the Federal Reserve next week.
The report from the Labor Department on Thursday followed news last week of a sharp acceleration in job growth in August. Airline fares and hospital services are among the components that go into the calculation of the Personal Consumption Expenditures Price Indexes, the inflation measures tracked by the U.S. central bank for its 2% inflation target.
August's Consumer Price Index data on Friday could shed more light on the inflation picture and further shape interest rate expectations for next week.
"This report points to cost increases in the pipeline and will support the case of those on the Committee who want to hike rates now," said Carl Weinberg, chief economist at High Frequency Economics.
#inflation #august #airline #interest
WASHINGTON, Sept 10 (Reuters) - U.S. producer prices increased in August amid higher costs of goods, airline fares and hospital services, boosting the chances of an interest rate hike from the Federal Reserve next week.
The report from the Labor Department on Thursday followed news last week of a sharp acceleration in job growth in August. Airline fares and hospital services are among the components that go into the calculation of the Personal Consumption Expenditures Price Indexes, the inflation measures tracked by the U.S. central bank for its 2% inflation target.
August's Consumer Price Index data on Friday could shed more light on the inflation picture and further shape interest rate expectations for next week.
"This report points to cost increases in the pipeline and will support the case of those on the Committee who want to hike rates now," said Carl Weinberg, chief economist at High Frequency Economics.
#inflation #august #airline #interest
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