Wholesale inflation picked up more than expected last month, indicating that mounting pressure on input costs will likely translate into higher consumer prices before long.

The economic forecast is getting bleaker by the month. In July, wholesale inflation rose at the fastest monthly pace since June 2022. The producer price index jumped 0.9% from June to July – more than four times what economists expected.

The surprise PPI reading, driven by the biggest monthly gain in core since 2022, further muddies the central bank's September decision to hold or cut rates in September.

The Producer Price Index saw its biggest monthly gain since June 2022, the Bureau of Labor Statistics said Thursday.

The fresh government data this week showed an eye-popping 38% surge in the wholesale price of vegetables in July, the biggest price spike for any product category. A continued rise of that magnitude could noticeably hike vegetable prices at restaurants and grocery stores within a matter of months, some analysts told ABC News.

The producer price index for July suggests companies may be feeling the sting of inflation and consumers could be next.

The July Producer Price Index rose 0.9% M/M, miles ahead of the 0.2% increase expected and June's unrevised flat reading. That’s the biggest monthly rise in headline PPI in three years.

U.S. producer prices rose sharply in July, driven by broad increases in service and goods costs, signaling renewed inflationary pressures.

CNBC Senior Economics Reporter Steve Liesman joins Meet the Press NOW to discuss a report from the Labor Department indicating that wholesale prices rose higher than expected, signaling that inflation remains a concern for the economy.

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The producer price index (PPI) for final demand rose 0.9% month-over-month after a flat reading in June. Core PPI, which excludes food and energy prices, rose 0.9% month-over-month after a flat reading in June. In July, the PPI for finished goods rose 0.5% month-over-month, up from 0.4% in June.

The biggest increase in wholesale prices in three and a half years stunned Wall Street, but is tariff-related inflation really set to soar? The proof is far from ironclad.