Inflation at the wholesale level jumped a higher-than-expected 1% in July, dimming hopes for a slowdown in price increases.
The July gain in the producer price index, which measures price pressures before they reach consumers, matched the June increase with both months advancing by the highest amount since a 1.2% rise in January, the Labor Department reported Thursday.
Over the past 12 months, prices at the wholesale level are up a record 7.8%, surpassing the old record of a 7.3% gain set for the 12 months ending in June.
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