WASHINGTON U.S. wholesale prices shot up an unexpected 0.6% in July, biggest gain since October 2018, with energy prices moving sharply higher.
The Labor Department said Tuesday that the jump last month in its producer price index which measures inflation before it reaches consumers followed a 0.2% drop in June. Wholesale energy prices shot up 5.3% in July. Excluding the volatile food and energy prices, producer prices rose 0.5%.
Over the past year, producer prices are down 0.4%, and core prices are up 0.3%. The sharp recession caused by the coronavirus outbreak has constrained inflation.
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Source: News18