From the Associated Press:

WASHINGTON (AP) — Companies paid more for raw materials and factory goods in April, mostly because energy prices jumped for the seventh straight month.

The Producer Price Index, which measures price changes before they reach the consumer, rose 0.8 percent last month, the Labor Department said. That’s slightly above the 0.7 percent gain in March. Excluding the volatile food and energy categories, the core index increased 0.3 percent, the same as in the previous month.

Over the past 12 months, the index has increased 6.8 percent, the biggest gain in nearly three years. Outside of food and energy, prices rose 2.1 percent, up from a 1.9 percent gain in March.

Turmoil in the Middle East and rising demand from fast-growing developing countries have pushed up the price of oil and gas since last summer. The costs of corn, wheat, cotton and other commodities have also jumped due to strong global demand. That’s raised worries among some economists that consumer prices could also jump and inflation could surge.

The AP goes on to claim that this is a “temporary spike” but only an in the tank media could look at the dollar printing, growing foreign markets and horrible crop yields and think that we’ll only see a temporary spike in inflation.