Gasoline prices surged 18.9% and fuel oil surged by 44.2%. Surveys from the Institute for Supply Management published earlier this week showed more companies paying higher prices to their suppliers. ISM’s services prices index in March rose by 7.7 percentage points to 70.7—the highest level since October 2022. That is a worrying sign because companies may eventually pass some or all of those costs on to their customers, leading to higher inflation. Last month, Fed Chair Jerome Powell said it is “frustrating” that services inflation, excluding housing, moved sideways last year.

Source: Wall Street Journal April 10, 2026 12:45 UTC