WHOLESALE PRICES SHOOT UP 3.4 PERCENT

WASHINGTON» U.S. wholesale prices rose 0.3 percent in June, a slight slowing from May. But the 12month gain was the fastest in more than six years, adding to evidence that inflation is beginning to rise after years of weak price gains.

The Labor Department said Wednesday that the June increase in its producer price index — which measures inflation pressures before they reach the consumer — followed a 0.5 percent rise in May. The deceleration reflected a big drop in food costs in June and a much smaller increase in energy prices.

However, wholesale prices over the past 12 months have surged 3.4 percent. That marks the largest 12-month gain since a 3.7 percent rise in the 12 months ending November 2011.