US wholesale prices rise last year by largest amount since 1981

US wholesale prices shot up 6.3 per cent in 2007, the biggest advance since 1981, driven by soaring energy costs, the Labour Department reported Tuesday.

The big increase in wholesale prices, which measure cost pressures before they reach the consumer, followed gains of 1.1 per cent in 2006 and 5.4 per cent in 2005.

The 6.3 per cent jump in wholesale prices came as energy prices at the wholesale level surged 18.4 per cent after having declined by 2 percent in 2006.

(Xinhua)