Annual wholesale price increases hit their highest mark in 27 years, jumping 9.8% over the past 12 months. The Bureau of Labor on Tuesday announced a 1.2% jump in July alone. The record comes after a string of price increases in recent months covering a wide range of goods. Since last year, the index for mining, utilities, and manufacturing industries climbed 12.9%, pet food prices increased 18%, glassware rose 6.9%, roasted coffee rose 10.9%, and the price of rice skyrocketed 94.8%.
Much of the overall rise in prices has been laid to the increase in energy and food costs but economists pointed out that price jumps have spread to many other product areas.