Out of Error Memory

I am running WP with a WooCommerce theme for my ecommerce store. I loaded approx 2,600 items for the store through an import utility. My next step was to view the products page so I could edit some items and delete others. When I click on the product page I get the following error message:

Fatal error: Out of memory (allocated 68157440) (tried to allocate 46 bytes) in /home/prorc/public_html/wp-includes/wp-db.php on line 1383

I sent the error message to Woothemes and they thought I needed to increase the memory limit for PHP. I have checked with my host (HostGator) and the memory limit for PHP is 128M.

I also searched the FAQs on editing the Codex and found the instructions for increasing the memory limit. However, I could not find the memory limit code in either the wp-config.php or wp-settings.php files. Am I missing something? Is this a problem with WP, Woothemes, or my host?

Thank you.