TAMPA, Fla. (WFLA) — The latest Consumer Price Index report from the U.S. Bureau of Labor Statistics showed a slight decrease, the second in as many months, as national inflation levels fell to 8.3% from 8.5% in August. The bureau’s release of the Producer Price Index now shows where prices are higher or lower for the business side of the economy, reporting another small drop, this time for producers.
For manufacturers, the overall final demand index fell by 0.1%, meaning compared to the previous August, inflation for producers was up 8.7% from 2021. While gas prices have gone down for multiple months now, the big price drivers for businesses in August were energy for export, up 53.9% compared to August 2021, and finished, processed consumer foods, with a 36.8% increase compared to the previous year.
For the grocery items that affected businesses most in August, the PPI showed a 104% increase in egg prices from 2021, though from July to August, the cost to manufacturers fell 25%. Fresh and dry vegetables saw 45.2% increases in price, while fresh fruits and melons were up 21.9%.
Coffee cost increases were less severe, with prices up 15.1% for businesses from the year before, and pasta was 33.3% more expensive, but animal protein prices were down in some categories. Beef and veal costs dropped 12.6% compared to 2021, while pork prices were down 7.7%. Chicken and turkey prices rose, 15.2% and 39.5%, respectively. Dairy products like milk, cheese, and butter were 20.3% higher than the year before.
Outside of the food section, prices for iron and steel scrap dropped 22.6%, while costs for products dealing with the energy industry rose. Transformers and power regulators had a 35.7% price increase from August 2021, while pumps, compressors and related equipment rose 15.6%. Mining machinery and equipment prices grew 14.2% in the past year, while machinery and vehicle wholesalers saw their own costs increase more than 30%.
Truck trailer prices rose 33%, putting the ability for transportation of goods at a higher cost level, while travel trailers and campers also saw prices go up 16.3%.
While the overall inflation level for consumers and producers both reduced slightly, the prices affecting food-related goods rose on both inflation measures.