Wholesale inflation advanced largely in line with expectations in August, data released Wednesday by the Bureau of Labor Statistics showed.
Producer prices grew by 0.4% in August over the previous month, in line with economists' expectations. The measure comes in above July's revised price increase of 0.1%.
The "core" reading — which excludes the more volatile food and energy costs — showed producer prices advanced by 0.2% over the previous month. That was slightly below the 0.3% growth economists had predicted and July's revised gain of 0.3%.
Read more: What is inflation, and how does it affect you?
On a year-over-year basis, headline prices rose by 5.4% in August, slightly above estimates of 5.3% and advancing over the previous month's revised 4.8% print. Core inflation came in at 4.6%, in line with estimates but above July's gain of 4.2%.