Product inflation, key economic indicator, accelerated in August, hit record level, report

The prices that producers get for final demands on goods and services surged in August to their highest annual rate since at least 2010, the Labor Department said Friday.

The producer price index rose 0.7% for the month, according to CNBC.

On a year-over-year basis, the gauge rose 8.3% – the biggest annual increase since records have been kept going back to November 2010. That increase follows a 7.8% move higher in July, which also set a record, CNBC also reports.