That is the rise from one year ago in the "less-volatile PPI metric that excludes food, energy and trade services". This month was a 0.6% rise. So some people might think about how more months of 0.6% rise would cause the yearly one to increase gradually, up to 7.2% eventually if there are 12x 0.6% months. That would be pretty high.

And then headline figure PPI was even higher at 0.9% for the month, 3.3% year.

0.6% of monthly inflation wouldn't be 7.2% you can't multiply like that.

So the real number would be 1.006^12=7.44%

And over 7% inflation is a bit more than 'pretty high' that's getting really scary if there's no clear outside reason for it