Industrial product prices rose 2.4% M/M, above expectations for a 1.6% gain…

… driven by a record 27% jump in energy and petroleum product prices, a move we called out last month as an obvious symptom of the war in Iran…

… which caused a 41% sequential increase in crude product prices…

… making other input cost fluctuations look like child’s play.

With the US and Iran struggling to meet in the middle, April’s print should bring more of the same.