The Labor Department reported on Thursday the U.S. producer-price index (PPI) rose 0.3 percent m-o-m in August, following an unrevised 0.6 percent m-o-m advance in July.

For the 12 months through August, the PPI fell 0.2 percent after an unrevised 0.4 percent decrease in the previous month.

Economists had forecast the headline PPI would increase 0.2 percent m-o-m but drop 0.3 percent over the past 12 months.

According to the report, the August gain in the final demand index was led by a 0.5-percent m-o-m climb in the index for final demand services. Meanwhile, prices for final demand goods also increased, edging up 0.1 percent m-o-m.

Excluding volatile prices for food and energy, the PPI rose 0.4 percent m-o-m and 0.6 percent over 12 months. Economists had forecast gains of 0.2 percent m-o-m and 0.3 percent y-o-y.