U.S. Producer and Consumer Price Index Rise

July 2008 Update

U.S. Producer Price Index rises 1.2%. Prices paid to U.S. producers rose for the seventh month in July, pushed up by surging fuel costs that underscore risks of inflation. Producer prices are up 9.8% over the past 12 months, which is the most since June 1981.

The Consumer Price Index, the government’s key measure of inflation rose 0.8% in July. Record gas, higher food prices spark inflation, leading to a 5.6% annual jump in the Consumer Price Index. The biggest increase since January 1991.