Wholesale prices rose more in the 12 months ending in June than at any time since at least 2010, the Bureau for Labor Statistics reported Wednesday morning, in another indicator of inflation the day after the agency reported that consumer prices rose more over the same period than at any time in 13 years.
Wholesale prices—what manufacturers and distributors charge retailers for goods and services, including construction—were up 7.3% over the 12 months to June, according to the BLS Producer Price Index.
U.S. producers of wholesale goods and services, including construction, raised prices 1% from May to June.
A fifth of the monthly increase in prices for services was largely the result of car dealers charging higher prices due to inventory shortages of vehicles, which is in turn due to shortages of computer chips for cars, said Scott Sager, supervisory economist at BLS.
The Consumer Price Index, released Tuesday, rose 5.4% for the year ending in June, the highest yearly increase since 2008.