Wholesale prices rose 1.2 percent in July

Industrial Distribution staff -- Industrial Distribution, 8/19/2008 7:42:00 AM

Wholesale prices rose for the third straight month in July, increasing 1.2 percent, according to a report from the U.S. Labor Dept.

The increase in the agency’s Producer Price Index for Finished Goods followed a 1.8-percent jump in June and a 1.4 percent rise in May. For the 12 months from July 2007 to July 2008, the index rose 9.8 percent.

The July increase beat analysts’ expectations, according to the Bloomberg news service.

The rise, which more than doubled economists’ expectations, reflected increasing energy and commodity costs, the news service reported—the highest such increase in 27 years.

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