PPI rose 0.7% month-over-month, year-over-year at 3.4%, up from 2.9%. This tells the Fed there's still inflation pressure, particularly from goods and services.

Fuel price pressures affect all kinds of products (trucks, trains, plastics, pharmaceuticals). It takes a while but gets into prices of many goods and services. The Fed will watch this; if prices stay elevated, there will be second-round effects they may have to deal with.