Wholesale inflation picked up more than expected last month, indicating that mounting pressure on input costs will likely translate into higher consumer prices before long.

The producer price index for July suggests companies may be feeling the sting of inflation and consumers could be next.

The producer price index (PPI) for final demand rose 0.9% month-over-month after a flat reading in June. Core PPI, which excludes food and energy prices, rose 0.9% month-over-month after a flat reading in June. In July, the PPI for finished goods rose 0.5% month-over-month, up from 0.4% in June.