The market was expecting producer price inflation (PPI) to quicken slightly to 9.0% y/y and brake to 0.5% m/m.
ETM analyst George Glynos said the figure did not change its view on interest rates.
“We believe inflation is a monetary phenomenon. But, in so far as this data highlights cost-push pressures, I would say it gives good justification as to why GDP (gross domestic product) growth expectations need to be revised down with cost-push pressures eating into disposable income of households.”
The consumer price index was flat at 5.3% y/y in August compared with July, but its link with PPI, which is dominated by commodities, has been weakened.
The rise in global commodity prices and seasonal electricity tariff increases weigh on producer prices.
The central bank has left its repo rate unchanged at 5.5% at five policy meetings so far this year, after reducing it by 650 basis points in the two years to end-2010.