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.

U.S. wholesale inflation surged unexpectedly last month as President Trump’s sweeping taxes on imports are pushing costs higher.

Falling gas prices helped keep overall inflation tame in July; however, a broader array of products got even more expensive last month, showing that President Donald Trump’s expansive tariffs are being passed along to consumers.