Economists warned that US wholesale prices could rise rapidly, suggesting further pain for consumers down the line.

The projected rise in the producer price index at an annualized 4.6% in March, up from 3.4% in February, would come after March’s consumer price inflation was already the highest rate in two years, driven by high energy costs.

The Eurozone and UK also already have above-target inflation, and the situation is expected to worsen as the impacts of the Iran war deepen: European natural gas prices are 40% higher than they were in February, and investors are betting on central banks turning more hawkish this year.