News Summary: US wholesale prices rose in July

AP News
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Posted: Aug 14, 2012 5:15 PM

WHOLESALE PRICES RISE: The producer price index increased 0.3 percent in July from June, the Labor Department said Tuesday. Higher costs for food and pickup trucks offset a drop in energy prices.

INFLATION MILD: In the past year, wholesale prices have risen only 0.5 percent. That was the slowest since October 2009.

FOOD PRICES: Food prices increased 0.5 percent, matching the June gain. The severe drought in the Midwest has harmed a range of crops, driving prices higher. The price of corn jumped 34.5 percent, the largest gain since Oct. 2006.