Wholesale prices jumped 1.4 percent in March, hitting a record of 11.2 percent annual increase.
The numbers, released Wednesday, follow an 8.5 percent annual rise in consumer prices announced Tuesday, the highest increase since December of 1981, as reported by Human Events News.
The Producer Price Index published by the Department of Labor’s Bureau of Labor Statistics measures the price of goods and services that businesses pay to each other, while the Consumer Price Index measures retail prices that consumers pay directly, The Hill reports.
More than half of the overall wholesale increase in March is a result of a 5.7 percent jump in energy prices, with a 20 percent jump in the price of diesel fuel.
Gasoline, vegetables, jet fuel, iron and steel scrap metal and electric power also saw a jump.
