Capitol Report: Signs of higher inflation are popping up everywhere

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The cost of oil, steel and many other raw materials are rising in the U.S. and stoking higher inflation.

Oil prices just hit a 3 1/2-year high and American businesses say they are paying more for many other raw materials, offering signs that the recent rise in inflation is likely to persist or even get worse.

Earlier Thursday the cost of oil CLK8, +0.41% briefly topped $69 a barrel, heralding higher gasoline prices in the busy summer driving season. Airfares could also go up.

Don’t expect much relief, either.

The strongest global economy in years is driving up demand for energy, for one thing.

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