Wholesale prices saw their highest annual increase in over three years, according to the latest figures.

Concretely, the producer price index rose a seasonally adjusted 1.4% compared to the prior month, the Bureau of Labor Statistics said.

The figure represents a significant increase compared to the 0.5% consensus forecast from Dow Jones.

The inter-annual figure clocked in at 6%, the biggest increase since December 2022, CNBC said.

The core PPI, which excludes more volatile components like food and energy, increased by 1%, also much higher than the 0.4% estimate.

Soaring energy costs played a significant role in the increase, BLS said. About three-quarters resulted from a 7.8% increase in final demand energy. 40% of that came from a 15.6% increase in gasoline.

CNBC recalled that the services index also climbed 1.2%, the biggest monthly gain since March 2022.

BLS reported on Tuesday that the consumer price index rose 3.8% from a year ago. While the stalemate in the Iran war continues and the Strait of Hormuz remains closed, soaring energy costs are taking over most headlines. However, prices are increasing in other sectors as well.

“Consumers are doing their best to absorb higher energy costs, but they’re not finding much relief elsewhere,” Bret Kenwell, U.S. investment analyst at eToro, told CNBC. “Inflation pressure isn’t just at the pump, it’s showing up across the household budget.”

The report was published days after the University of Michigan’s preliminary consumer sentiment reading fell to a record low, with higher oil prices weighing heavily on confidence. That sentiment is now also visible in the CPI categories that shape everyday life, from rent to groceries.

Shelter inflation rose 0.6% in April and 3.3% from a year earlier. Lodging away from home jumped 2.4% for the month, while tenant and household insurance rose 7.2% annually. Housing costs remain one of the most stubborn forces in inflation, especially after economists raised concerns that last year’s government shutdown disrupted some rent-related data collection.

Food prices also saw a sharp increase. Food at home rose 0.7% in April, the largest monthly increase since August 2022, and is now 2.9% higher than a year ago. Ground beef jumped 2.7% in one month and 14.5% annually as cattle prices climbed. Frankfurters rose 5.8% in April and 10.7% over the year, just as Americans head into summer grilling season.

In this context, over three quarters of Americans believe President Donald Trump’s policies have increased the cost of living in their own community, according to a new poll.

More than half of Republicans agreed with the premise of the survey, conducted by CNN. Moreover, two-thirds of respondents said the administration’s policies worsened economic conditions in the country.

The poll asked five questions about whether they had a positive or negative impact in the economy. Three quarters of respondents said the war had a negative effect in the economy. Just 8% said it had a positive one and 17% that it didn’t have much of an effect.

About two-thirds said the implementation of higher tariffs on foreign goods had a negative effect, compared to 16% who said it had a positive one and 19% who claimed it didn’t really have an effect.