US wholesale prices rose 0.3 percent in July
Food prices rose 0.5 percent, a sign that the severe drought in the Midwest is driving costs higher. The dry weather has harmed a range of crops, most notably corn and soybeans.
Corn prices jumped 34.5 percent in July, the largest gain since Oct. 2006. Pork, beef and veal prices also increased sharply. Corn is a key ingredient in animal feed.
Excluding food and gas costs, wholesale prices rose 0.4 percent.
Source: The Associated Press