Inflation is set to rise even further: The Philadelphia Fed Prices Paid index jumped 8.6 points in February to its highest since October 2022. At the same time, the NY Empire State Prices Paid index surged 11.1 points, to 40.2, the highest since March 2023. Regional inflation indexes have been rising at the fastest pace since late 2020. Moreover, the ISM Services PMI Prices Paid index has been above 60.0 points over the last 2 months, the first such occurrence since February 2023. These indicators suggest inflation CPI could rise above 4% over the next several months. The fight against inflation is ramping up.