US producer inflation exceeded expectations in August

The US Producer Price Index (PPI) beat expectations at 0.7 percent monthly and 1.6 percent annually in August.

The annual inflation expectation for the producer was 1.3 percent. Producer inflation was 0.8 percent annually last month.

On a monthly basis, the expectation was 0.4 percent. In July, the monthly PPI was 0.3 percent.

CONSUMER INFLATION ALSO EXCEEDED EXPECTATIONS

Consumer inflation data was announced yesterday in the United States. The CPI rose 0.6 percent monthly and 3.7 percent annually in August. The expectation was that consumer inflation would rise to 0.6 percent monthly and 3.6 percent annually.

Core inflation was 4.3 percent in August, in line with expectations. Monthly core inflation was 0.3 percent, compared to the expectation of 0.2 percent.

GOLD PRICES DECLINED

Inflation data that exceeded expectations mobilized gold prices. The precious metal lost value against the dollar. The daily fall of the ounce of gold in the spot market was 0.3 percent. The precious metal fell to the price of $1,900 per ounce.

At 15.50, the gram of gold was sold for 1650 TL, the quarter of gold was sold for 2 thousand 766 TL and the Republic gold was sold for 11 thousand 373 TL.