The PPI data reinforces Federal Reserve officials' views that inflation should remain their top concern in the face of the war-driven surge in oil prices.

Austan Goolsbee sees ongoing price pressures beyond the Iran war's impact on energy costs, and thinks the Fed shouldn't rule out a rate hike.

Since the pandemic, Americans have continued to spend despite high inflation, thwarting recession fears. But rising fuel costs might be too much to overcome.