The prices that businesses are paying for goods have risen sharply, according to data released Wednesday, the latest data point showing that knock-on effects from the Iran war are rapidly rippling across the economy.
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Wholesale business inflation surged to 6% in April on a yearly basis, according to data released by the Bureau of Labor Statistics, up from 4.3% in March.
That data, known as the producer price index, or PPI, also found that business costs rose 1.4% in April on a monthly basis almost three times more than had been expected.
The April increase is the largest advance since rising 1.7 percent in March 2022, the agency said in a statement.
The higher-than-expected wholesale inflation reading comes just one day after the consumer price index, which measures prices paid by consumers, rose to 3.8% from a year ago its highest level in nearly three years and a rate that now outpaces wage growth.