Market Updates
March PPI Unexpectedly Declined
Brian Turner
13 Apr, 2023
New York City
The producer price index in March fell 0.5% from the previous month, the U.S. Bureau of Labor Statistics reported Thursday.
Core wholesale prices paid by companies decreased 0.1% on a monthly basis after rising 0.2% in February.
Wholesale prices rose 2.7% on an annual basis in March and core prices, excluding food and energy, increased 3.4%.
Annual increase in March, was the smallest since January 2021, followed by 4.9% in February.
Lower cost of energy and higher base also impacted the overall inflation reading. Two-thirds of the decline can be attributable to 1.0% decrease in final demand for goods, namely gasoline or energy materials.
Eighty percent of the March decline in the index for final demand goods can be traced to an 11.7% decline in prices for gasoline.
The prices of diesel fuel, residential natural gas, jet fuel, electric power, and fresh and dry vegetables also fell.
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