U.S. producer prices increased more than expected in March, resulting in the largest annual gain in 9-1/2 years, fitting in with expectations for higher inflation as the economy reopens amid an improved public health environment and massive government funding, Trend reports with reference to Reuters.
The producer price index for final demand jumped 1.0% last month after increasing 0.5% in February, the Labor Department said on Friday. In the 12 months through March, the PPI surged 4.2%. That was the biggest year-on-year rise since September 2011 and followed a 2.8% advance in February.
Economists called by Reuters had forecast the PPI increasing 0.5% in March and jumping 3.8% year-on-year. The report was delayed after the Bureau of Labor Statistics’ website crashed.