Inflation hits highest rate in a year

(CNN)– Wholesale inflation just hit its highest rate in a year.

According to data released today by the U.S. Bureau of Labor Statistics, the producer price index was 2.2% for the 12 months ending in April.

The PPI measures the change in prices that manufacturers pay to suppliers to predict possible price shifts for consumers.

Price hikes have continued to weigh on businesses and halt the federal reserve’s plans to cut interest rates.

The latest wholesale data comes just a day before the consumer price index for April is released.

It is expected to offer an even more critical read on the state of inflation.