U.S. wholesale prices came in hotter than expected last month with progress against inflation appearing to have stalled, further undercutting expectations for lower interest rates this year. Economists and financial markets fear President Donald Trump’s policies will push inflation higher yet.

U.S. wholesale prices came in hotter than expected last month at a time when progress against inflation appears to have stalled, undercutting expectations for lower interest rates this year. The Labor Department reported Thursday that its producer price index — which tracks inflation before it reaches consumers — rose 0.