Leading indicators point to a further inflation rise: The US manufacturing input price index jumped to ~65 points in March, the highest in 31 months. The last time we saw the index just high, CPI inflation stood at 8.5%, the third-highest reading since the 1980s. At the same time, the services input prices index rose to 60 points, the highest level in 18 months. Input costs across both goods and services sectors surged at their fastest pace in 23 months. Inflation is back on the rise.