Wholesale inflation picked up in August, as energy costs kept rising

Inflation at the wholesale level accelerated last month, as the US war with Iran pushed up energy prices. The Producer Price Index, which tracks price changes received by US producers and manufacturers, increased 5.4% in the 12 months that ended in August. That was a 0.7% acceleration from 4.7% in July, according to Bureau of Labor Statistics data released Thursday. On a monthly basis, prices rose 0.4% in August from 0.1% in July, matching economists’ expectations. Thursday’s report could strengthen the case for the Federal Reserve to raise interest rates at its policy meeting next week. This story is developing and will be updated.