WASHINGTON — Inflation at the wholesale level jumped 1% in June, pushing price gains during the past 12 months up by a record 7.3%.
The Labor Department reported today that the June increase in its producer price index, which measures inflation pressures before they reach consumers, followed a gain of 0.8% in May and was the largest one-month increase since a 1.2% rise in January.
For the 12 months ending in June, wholesale prices are up 7.3%, the largest 12-month increase since the government began the current series on wholesale prices in 2010.
The news on wholesale prices followed a report Tuesday that consumer prices increased in June by 0.9% and were up 5.4% over the past 12 months, the biggest 12-month gain in 13 years.
The increase in inflation is coming at a time when the economy is rebounding from the pandemic recession and rising consumer demand is bumping up against bottlenecks and supply shortages which are pushing prices higher.