Here's what new data from the producer price index says about where inflation is headed, according to economists.

The cost of wholesale goods and services — where rising inflation tends to show up first — in July posted the biggest increase in three years, possibly heralding a sizable acceleration in price increases tied to higher U.

Dean Smith, chief strategist and portfolio manager at FolioBeyond, says Thursday's (August 14) stronger than expected producer price index is a sign that tariffs are starting to boost prices.