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Wholesale prices hit high annual rate
CNNMoney.com reports that wholesale prices increased in July to the highest annual rate in 27 years, according to a government report released today. That’s another indication of growing inflation.
The annual Producer Price Index for finished goods rose 9.8 percent in the 12 months that ended in July.
The jump in wholesale prices is the fastest rate of increase since a 10.4 percent bump-up in June 1981, according to Joseph Kowal, economist at the Bureau of Labor Statistics.
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