Mar 21, 2011

Food prices spike to highest in 36 years

Wholesale costs in the U.S. rose more than forecast in February, led by food prices at a more than three-decade high and a surge in energy.

The producer-price index climbed 1.6 percent from the prior month, the most since June 2009, Labor Department figures showed today in Washington. The median projection in a Bloomberg News survey was for a 0.7 percent gain. The so-called core measure, which excludes volatile food and energy costs increased 0.2 percent, matching forecasts. The Money News

Read more of the story here.