More expensive gas pushes up US wholesale prices
WASHINGTON — A sharp rise in gasoline costs drove up wholesale prices last month by the most in more than three years. But outside energy and food, price gains were mild.
The Labor Department says that the producer price index, which measures price changes before they reach the consumer, jumped 1.7 percent in August. The increase was mostly because gas prices soared 13.6 percent, the biggest gain in three years.
Food prices rose 0.9 percent, driven up by steep increases in the cost of eggs and dairy products.
Excluding the volatile food and gas categories, core wholesale prices rose only 0.2 percent, below July’s increase.
In the past 12 months, wholesale prices have increased 2 percent, a mild gain and far below the recent peak of 7.1 percent in July 2011.