U.S. sees worst inflation rate in 27 years

U.S. sees worst inflation rate in 27 years

Prices on wholesale goods up 1.8 percent; pet food and energy prices climbing
source-image
Jul 15, 2008
By dvm360.com staff

Inflation is officially here, according to new statistics from the Department of Labor. The wholesale cost of finished goods increased 1.8 percent in June. That's the fastest year-over-year increase since 1981.

Wholesale cost increases in energy as well as food for humans and pets are fueling the inflation uptick. Consumer foods, which include pet food, were up 1.5 percent. Pet food alone was up 6 percent from May. Natural gas was up 3.8 percent from the previous month, and unleaded regular gasoline was up 9 percent. Prices for milk, soybeans, eggs, and fresh vegetables also rose after seeing a cost decrease in May.

Consumers appear to be feeling the pinch and hanging onto their dollars and cents in response. The Commerce Department reported that retail sales were up just 0.1 percent in June. Analysts blamed the auto market for weak growth. Also, The Conference Board's Consumer Confidence Index hit an all-time low in June.

Hot topics on dvm360

Vetcetera: The complex topic of canine fear-related aggression

A guided tour of resources for addressing this popular and complicated subject, featuring advice from Dr. John Ciribassi.

Reality TV and the veterinarian: Discussing mainstream dog training advice with clients

Your clients may be getting behavior advice from cable TV. Get your opinion in the mix.

Blog: Election results pose obstacles for veterinary prescription law

Flip in U.S. Senate's majority may slow progress of Fairness to Pet Owners Act.

The war between shelters, veterinarians needs to end

Despite practitioners’ legitimate gripes, they’re hurting themselves.

7 steps to a better relationship between veterinarians and rescue groups

A DVM in the city shares his advice to veterinary practices for working with rescues.