Wholesale inflation hit 3-year high

(CNN)– New data from the Bureau of Labor Statistics shows wholesale inflation hit a 3-year high last month.

The Producer Price Index rose 4% in March from a year ago.

The rise is driven by surging oil prices as the conflict in the Middle East pushes energy costs higher.

The monthly increase however was lower than economists expected.

The report comes just days after the Consumer Price Index showed Americans are already paying much more for a range of goods.