U.S. wholesale inflation was right in line with economists' expectations last month.

The producer price index for total final demand rose 0.4% in August, translating to growth of 5.4% year over year, the Bureau of Labor Statistics reported Thursday.

That's exactly what economists surveyed by FactSet expected to see from producer prices in August after wholesale inflation rose a revised 0.1% in July. Producer prices were up 4.8% year over year in July.

The continued persistence of wholesale inflation could makes a stronger case for the Federal Reserve to raise interest rates at the upcoming policy meeting later this month.

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