It is tempting to think the producer-price index should be renamed potentially painful inflation.

The rising cost of raw materials offers a possible early warning sign of inflationary pressure. But in economies still recovering from deep recession, costlier commodities will likely cause other strains before translating into big jumps at the cash register.

For the past four months, the PPI for crude goods -- oil, iron ore, wheat -- has posted sharp year-over-year rises, reflecting the rebound since the bleakest days of the financialcrisis. In February, the crude PPI climbed 28.6%; another increase is likely in March figures due out Thursday.

Crude oil rose 5.5% during the month, for example. It now costs far more than in March 2009. Many other commodity prices also climbed during the month, although some agricultural products lagged behind.

While someone will certainly pick up the tab for those pricier commodities, it often won't be the consumer. Given the still-tentative economic recovery, passing along higher input costs will be, in many cases, a last resort.

Instead, many companies will take some of the pain, resigning themselves to lower profits to avoid alienating customers. That means investors also could suffer, if crimped margins take the air out of some stock prices.

Workers will likely feel the effects, too. Raw materials are a major cost for companies, yet labor is typically a bigger expense. And it is one that companies can control by hiring fewer people and paying them less. With unemployment high, workers have limited leverage.

Even commodity producers face risks. Higher prices have historically spurred customers to seek substitutes -- that is how whale oil fell out of fashion as lamp fuel in the 19th century.

To be sure, manufacturers will try to raise prices. The more closely watched PPI for finished goods -- gasoline, clothes, computers, pasta -- also has risen year-over-year. The increase has come, though, at a much slower pace than crude goods: February showed just a 4.4% year-over-year increase for the finished-goods index. Consumer prices, meanwhile, were up only 2.3% in March.

At some point, it may prove impossible to relieve the pressure from higher commodity prices, except by charging consumers more. For now, the safety valves are holding.

Liam Pleven

• pressure [´preʃə] n.压榨 vt.对...施压力 (初中词汇)
• financial [fi´nænʃəl] a.金融的，财政的 (初中词汇)
• agricultural [ægri´kʌltʃər(ə)l] a.农业的 (初中词汇)
• meanwhile [´mi:n´wail] n.&ad.其间；同时 (初中词汇)
• relieve [ri´li:v] v.救济，援救；减轻 (初中词汇)
• painful [´peinfəl] a.痛(苦)的；费力的 (高中词汇)
• crisis [´kraisis] n.转折点；危机 (高中词汇)
• commodity [kə´mɔditi] n.日用品；商品 (高中词汇)
• consumer [kən´sju:mə] n.消费者；用户 (高中词汇)
• recovery [ri´kʌvəri] n.重获；获得；恢复 (高中词汇)
• unemployment [,ʌnim´plɔimənt] n.失业；失业人数 (高中词汇)
• limited [´limitid] a.有限(制)的 (高中词汇)
• gasoline [´gæsəli:n] n.汽油 (高中词汇)
• tempting [´temptiŋ] a.引诱人的，吸引人的 (四级词汇)
• warning [´wɔ:niŋ] n.警告；前兆 a.预告的 (四级词汇)