Industrial product prices rose 0.5% in August, missing estimates for a 0.9% gain but rising for the third straight month - thanks to chemicals, precious metals, and meat prices…

… which posted a 2% M/M gain - the ninth straight, and a key driver of persistent inflation in grocery stores.

While the same factors contributed on the input cost side, a ~4% drop in crude products and a ~2% decline in crop products (see China’s canola tariffs) drove a 0.6% drawdown - well short of expectations for a 1.2% gain.