Back-to-back price hikes, wholesale costs up 1% in July

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — Inflation at the wholesale level jumped a higher-than-expected 1% in July, disappointing hopes for a slowdown in price increases. The Labor Department reported Thursday that the July gain in its 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. 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.