Prices rising faster than any time in a decade

The Virginia Beach News.Net
Tuesday 19th August, 2008

Wholesale inflation in the US soared in July.

Prices are now rising at the fastest pace in nearly three decades.

While oil and other commodity prices may have peaked, some economists are concerned about the widespread nature of the July price surge.

They believe it will take more time for that pressure to ease on Wall Street.

The Labor Department reported Tuesday that wholesale prices shot up 1.2 percent in July, pushed higher by rising costs for energy and a variety of other products from motor vehicles to plastic goods.

The increase was more than twice the 0.5 percent gain that economists expected and left prices rising over the past 12 months by 9.8 percent.

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