Wholesale Prices Rise at Fastest Pace in Six Years

(CN) – Wholesale prices rose 0.3 percent in June and 3.4 percent for past year, fastest pace in 6 years, the Labor Department said Thursday.

According to the department’s Bureau of Labor Statistics, most of the June rise in the Producer Price Index — which measures inflation pressures before they reach the consumer —  is attributable to a 0.4-percent advance in prices for final demand services. The index for final demand goods edged up 0.1 percent.

It  follows a 0.5 percent rise in May. The deceleration reflected a big drop in food costs in June and a much smaller increase in energy prices.

But the 3.4 percent surge over the past year marks the largest 12-month gain since a 3.7 percent rise in the 12 months ending November 2011.

Prices for final demand less foods, energy, and trade services moved up 0.3 percent in June after rising
0.1 percent in May. For the 12 months ended in June, the index for final demand less foods, energy, and
trade services climbed 2.7 percent.

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