Wholesale prices in August increased 1.6% compared to same time last year, Labor report

The Labor Department reported Thursday the price of wholesale goods increased 0.7% in August compared to the previous year, higher than what financial analysts had forecast. 

The Dow Jones estimate was a 0.4% increase.

The report also runs counter to other recent data showing that price increases have tempered lately, according to CNBC.com.

The department's producer price index, a measure of what producers get for their goods and services, also showed a 1.6% increase compared to the same time last year.

The August PPI excluding food and energy showed a 0.2% increase, in line with the Wall Street estimate.