The U.S. Bureau of Labor Statistics says the rising cost of energy sent wholesale prices up a record 11.2% in March compared to the same month a year ago.
The federal government’s Producer Price Index measures inflation before it meets consumers. In March, the PPI rose at its fastest year-to-year rate, according to BLS records dating back 12 years. Energy prices rose 36.7% in March from a year ago.
Labor officials recently also reported that consumer prices in March rose 8.5%, the fastest such pace since late 1981.
The Associated Press reported that the U.K.’s Office for National Statistics said British consumer prices jumped 7% year-over-year last month, the fastest pace in three decades. U.K. costs also rose due to surging energy prices.