The Labor Department reported on Wednesday the U.S. producer-price index (PPI) edged up 0.1 percent m-o-m in August, following a gain of 0.2 percent m-o-m July.

For the 12 months through August, the PPI rose 1.8 percent after a 1.7 percent advance in the previous month.

Economists had forecast the headline PPI would increase 0.1 percent m-o-m and 1.8 percent over the past 12 months.

According to the report, the August rise in final demand prices was attributable to a 0.3-percent m-o-m increase in the index for final demand services. In contrast, prices for final demand goods dropped 0.5 percent m-o-m.

Excluding volatile prices for food and energy, the PPI rose 0.3 percent m-o-m and 2.3 percent over 12 months. Economists had forecast gains of 0.2 percent m-o-m and 2.2 percent y-o-y, respectively.