Wholesale prices at highest rate since 1981
Published August 19, 2008 by CSBJ Staff
The Associated Press
Wholesale inflation surged during July, leaving prices for the past year rising at the fastest pace in 27 years, according to government data released today.
The Labor Department reported that wholesale prices shot up 1.2 percent in July, pushed higher by rising costs for energy, motor vehicles and other products. The increase was more than twice the 0.5 percent gain that economists expected.
Core prices, which exclude food and energy, rose 0.7 percent. That increase was the biggest since November 2006 and more than triple the 0.2 percent rise in core prices that had been expected.
The bad news on wholesale prices followed a report last week that consumer prices shot up by 0.8 percent in July, leaving consumer inflation rising at the fastest pace in 27 years.
Filed under CSBJ Daily
When the Democrats took over Congress, they said they would lower gas prices. I think gas prices were about $2.50 per gallon back then. They must be doing California math.
It’s no wonder that prices are higher with the cost of energy skyrocketing. It’s no wonder food prices are higher. We’re burning corn in our cars instead of using it to feed farm animals and people.
I fear for this nation. I fear for the future we are leaving for our children. The sad part is we’re just doing it to ourselves.