Wholesale inflation surges more than expected in August

Inflation at the wholesale level surged more than expected in August, reversing previous declines as consumers continued to grapple with the rising cost of everyday goods.

The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 0.7% in August from the previous month. On an annual basis, prices are up 1.6%. 

Those figures are both higher than the 1.2% headline increase and 0.4% monthly figure forecast by Refinitiv economists.