US producer inflation was above expectations at 1.6 percent on an annual basis in August.
Producer Price Index (PPI) in the USA was above expectations with 0.7 percent on a monthly basis and 1.6 percent on an annual basis in August.
The expectation for annual producer inflation was 1.3 percent. Producer inflation was 0.8 percent on an annual basis last month.
On a monthly basis, the expectation was 0.4 percent. In July, monthly PPI was 0.3 percent.
CONSUMER INFLATION ALSO EXCEEDED EXPECTATIONS
Consumer inflation data was announced yesterday in the USA. CPI increased by 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, against the expectation of 0.2 percent.
GOLD PRICES DECREASED
Inflation data coming in above expectations mobilized gold prices. The precious metal lost value against the dollar. The daily decline in ounce gold in the spot market was 0.3 percent. The precious metal fell to the 1900 dollar class on an ounce basis.
As of 15.50, gram gold was sold for 1650 TL, quarter gold was sold for 2 thousand 766 TL, and Republic gold was sold for 11 thousand 373 TL.
