U.S. companies face soaring bills for all kinds of materials that they need to do business—and surging demand is helping them pass on those higher costs to their customers.

In early-season earnings calls, executives representing companies from burrito chain Chipotle Mexican Grill Inc. to appliance giant Whirlpool Corp. and diaper-maker Procter & Gamble Co. have outlined price hikes, largely in response to rising materials costs. Their comments back up the data that show inflationary pressures building in the economy as the pandemic recovery gains speed. A sustained rise in prices is poised to test the Federal Reserve's expectation that any post-Covid spike will be limited and temporary.

Shortages, bottlenecks, and a year-long bull market in commodities have been pushing inflation rates higher across much of the world. In the United States, which pumped more pandemic stimulus into its economy than most countries and has managed a faster vaccine rollout, those supply issues may be amplified by a boom in demand. Consumer confidence rose sharply for a second straight month in April, to the highest level since the pandemic began, the Conference Board reported on Tuesday.

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