U.S. import prices up a devastating 20.5 percent y/y in June 2008

Here is what Barron's Econoday had to say:
Econoday's reports should be more than just a list of percentage changes but in this case the increases are so elevated and so widely spread that a simple list serves the purpose of relaying the news: businesses are being hit by the greatest input cost pressure in memory. So far, businesses have been able to absorb these costs through productivity gains and by paring down their workforces. How long the consumer will remain insulated, that is not paying significantly higher prices for non-energy non-food goods, is arguably the greatest question facing the global economy and global economic policy makers.

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source: Barrons Econoday
http://online.barrons.com/public/page/barrons_econoday.html