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US sees record rise in wholesale prices over the past year

Over the past 12 months, wholesale prices are up 6.6 per cent, the largest 12-month increase on records going back to 2010.

Published: 15th June 2021 06:56 PM  |   Last Updated: 15th June 2021 07:09 PM   |  A+A-

A shopper wears a mask as she walks through the meat products at a grocery store in Dallas. (Photo | AP)

By PTI

WASHINGTON: Wholesale prices, boosted by rising food costs, increased 0.8 per cent in May, and are up by a record amount over the past year, another indication that inflation pressures are rising since the economy has begun to re-open following the pandemic lockdowns.

The Labour Department reported Tuesday that the monthly gain in its producer price index, which measures inflation pressures before they reach consumers, followed a 0.6% increase in April and a 1 per cent jump in March.

Food prices rose a sizabel 2.6 per cent while energy costs were up 2.2 per cent. Over the past 12 months, wholesale prices are up 6.6 per cent, the largest 12-month increase on records going back to 2010.

The gain in wholesale prices followed a report last week that consumer prices rose 0.6 per cent in May with prices over the past year surging by 5 per cent, the biggest 12-month gain in more than a decade.



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