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U.S. producer prices fall for second straight month in August

WASHINGTON (Reuters) – U.S. producer prices fell for a second straight month in August as energy prices fell further, data showed on Wednesday.

Producer prices for final demand fell 0.1% a month after sliding 0.4% in July, the Labor Department said. In the month to 12 through August, the PPI rose 8.7% after rising 9.8% in July.

Economists polled by Reuters had forecast the PPI to fall 0.1% and rise 8.8% year-on-year.

The government on Tuesday announced a surprise monthly rise in consumer prices for August and an acceleration in underlying inflation, which reinforced expectations for a third

The Fed will raise interest rates by a basis point next Wednesday.

Excluding the volatile food, energy and trade services components, producer prices rose 0.2% in August. The so-called core PPI edged up 0.1% in July. In the month to 12 through August, core PPI rose 5.6% after rising 5.8% in July.

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