U.S. economy hit by surging inflation

• Story Highlights
• Wholesale inflation saw prices rising over the past 12 months by 9.8 percent
  
• Rise marks biggest annual increase since the 12 months ending in June 1981
  
• Consumer prices jumped by 0.8 percent in July
  
• Construction of homes slid to an annual rate of 965,000 units in July, a 17-year low
  
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