U.S. producer prices fell in August. Declines in the cost of food and trade service offset an increase in energy product costs.
Overall inflation is steadily rising, driven by a tightening labor market and robust economy.
The Federal Reserve is expected to raise interest rates later this month.
“Inflation pressures should intensify in coming quarters,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “The unemployment rate is low, GDP growth is above trend, wage growth is accelerating … and fiscal policy is supportive for the economy.”