A key indicator of coming inflation is flashing bright red right now—and tariffs are likely a big part of the reason why.

The Producer Price Index surged in July, in part due to tariffs. Consumers could face sharp inflation again toward the end of the year.

The cost of wholesale goods and services — where rising inflation tends to show up first — in July posted the biggest increase in three years, possibly heralding a sizable acceleration in price increases tied to higher U.

We learned Tuesday that consumer prices are relatively stable across many goods and services, despite higher tariffs. On Thursday, we learned producer prices are spiking.