US inflation on the wholesale level picked up steam in July, with prices rising by the fastest monthly pace since March 2022, new data showed Thursday.

New inflation figures released Tuesday added to signs that President Donald Trump’s tariffs are driving up the cost of everyday goods, even as lower energy prices helped temper overall increases. The Labor Department’s consumer price index for July showed that the annual pace of inflation remained at 2.

Inflation, as measured by the producer price index, shot up to 3.3% for the year ending in July, the Bureau of Labor Statistics reported Thursday — the largest 12 month increase since February. On a month-to-month basis,