U.S. wholesale prices accelerated again during April at a rate higher than consensus expectations in what is likely another roadblock toward the Federal Reserve enacting interest rate cuts.

The PPI tracks average price shifts at the wholesale level before they reach consumers.

The U.S. Bureau of Labor Statistics released its monthly Producer Price Index (PPI) report on May 14, showing that the seasonally adjusted PPI for final demand rose 0.5% during April month-to-month, topping the 0.3% forecasted by Dow Jones and Wall Street Journal economists. Meanwhile, March’s reading was revised downward from 0.2% to 0.1%.

On an annual basis, the April PPI index for final demand increased 2.2% — its largest increase in a year. Core inflation, which strips out volatile food and energy prices, rose 0.4% in April and 2.2% year-over-year.

The Bureau noted that nearly three quarters of April’s monthly gain in final demand prices was due to a 0.6% increase in the index for final demand services. REmoving trade services from the core group showed a 0.4% monthly increase and a 3.1% annual gain — also its highest in a year.