By Leonard A. Robinson

As consumer prices climbed at their highest rate in 13 years, U.S. wholesale prices made a similar jump.

According to the Bureau of Labor Statistics, the producer price index climbed by 0.6% in April, surpassing the 0.3% rise estimated by economists.

Wholesale inflation over the past year has increased dramatically to 6.2% from 4.2% in the previous month. For reference, this is the highest level since the index’s reformulation in 2009.

The core rate of wholesale inflation, a measure that eliminates food, energy, and trade margins, rose by 0.7% over the past month and 4.6% over the past year, up from 3.1% the year prior. This is again the biggest gain since the government began collecting the data in 2014.

Unlike 2009, rising oil prices – whether naturally occurring or by artificial forces – no longer carry the bulk of the wholesale price hikes. Raw and partially finished products, such as auto chips, are also leading to price increases.

According to Labor Department research, prices for meat products, plastic resins and materials, dairy products, and steel mill products were higher than the month prior.

In April alone, steel prices skyrocketed by 18.4%, while food prices edged upwards by nearly 2.1%, according to CNBC.

Economists worry that too much pressure on producer prices could lead to price hikes for consumers, while others believe it’s too late.

“There is only so much that producers can absorb before they begin to share the pain with the consumer level, and that has already begun,” said BMO Capital Markets senior economist Jennifer Lee.

The Federal Reserve continues to warn that inflation rates are “transitionary” as vaccination rates climb and businesses return to normal. According to the Fed, year-over-year comparisons are bound to be distorted by the early months of the pandemic when lockdowns were implemented, shuttering businesses and sending workers home.