Economists are pointing out that January's super strong ISM manufacturing reportcould be signaling early signs of inflationary pressure.
The prices paid index jumped to 81.5 from 72.5, the highest level since 2008, when oil was spiking in the mid-$140s per barrel. In November, prices paid was at 69.5.
Stephen Stanley, chief economist at Pierpont Securities, notes that the survey also indicated 30 commodities were up in price and none were lower.
"It's certainly pushing through the pipeline. The question is, as always, does it make it out the other end? The Fed has argued consistently that whatever input costs we get won't feed through to the consumer because of slack in the economy," he said.