Wholesale inflation in June surged 11.3% from a year ago

Inflation at the wholesale level climbed 11.3% in June compared with a year earlier, the latest painful reminder that inflation is running hot through the American economy

Inflation at the wholesale level climbed 11.3% in June compared with a year earlier, the latest painful reminder that inflation is running hot through the American economy.

The Labor Department reported Thursday that the U.S. producer price index — which measures inflation before it hits consumers — rose at the fastest pace since hitting a record 11.6% in March.

Thursday's report on wholesale prices came a day after the Labor Department reported that surging prices for gas, food and rent catapulted consumer inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve. Consumer prices soared 9.1% compared with a year earlier, the biggest yearly increase since 1981.