Inflation highest in 27 years

AFP
Wednesday, July 16, 2008

US wholesale inflation jumped a surprisingly strong 1.8 percent in June from May amid soaring energy and food prices, the Labor Department said Tuesday.

The headline increase in the department’s seasonally adjusted producer price index, a gauge of inflation at the wholesale level, was the steepest since November and sharply exceeded market expectations of a 1.3 percent rise.

Core wholesale inflation, excluding volatile energy and food prices, was up 0.2 percent for the second month in a row, slightly lower than the consensus forecast of 0.3 percent.

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On a 12-month basis, PPI soared 9.2 percent in June, the largest increase since June 1981.

The headline PPI advance in June followed gains of 1.4 percent in May and 0.2 percent in April.

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