Wholesale Inflation Up, Oil Trades Above $129

Wholesale Inflation Up, Oil Trades Above $129

  

BusinessWholesale Inflation Up, Oil Trades Above $129Wholesale Inflation Up, Oil Trades Above $129The Associated PressThe Labor Department reported Tuesday that wholesale inflation increased by 0.2 percent in April following a 1.1 percent jump in March. Outside of food and energy, prices rose by 0.4 percent in April. (May 20)Wholesale inflation increased by two-tenths of a percent in April. Outside of food and energy, prices rose by four-tenths of percent for the month and 3 percent for the past 12 months.That's the fastest increase for a 12-month period since 1991.The report on the Producer Price Index - which measures price pressures before they reach consumers - followed news last week that food costs in April soared by the largest amount in 18 years. Oil prices, meanwhile, have spiked to a new trading high, sweeping past $129 a barrel. This latest surge comes after OPEC's president was quoted as saying his organization won't increase its output before its next meeting in September. ___ ___, The Associated Press.(****END****)