BREAKING NEWS: Wholesale inflation surges 11.3% in June accelerating more than expected
Main Street Asset Management CIO Erin Gibbs and Exiger CEO Brandon Daniels discuss how the economy can avoid a 'deep recession' on 'Cavuto: Coast to Coast.'
The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 11.3% in June from the previous year. On a monthly basis, prices grew by 1.1%. Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.3% for the month, following a 0.4% increase in April and May. Over the past 12 months, core prices climbed 6.4%.
The services index, meanwhile, advanced 0.4% in June, with increases in transportation and warehousing services accounting for about two-thirds of the gain.
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