Prices for US producers rose more than expected in March, resulting in the biggest annual gain in the last 9-1 / 2 years, fitting in with expectations of higher inflation as ‘economy reopens amid improved public health environment and massive public funding.
The output demand price index jumped 1.0% last month after rising 0.5% in February, the Labor Department said Friday. In the twelve months to March, the PPI rose 4.2%. This was the largest year-on-year rise since September 2011 and followed an increase of 2.8% in February.
Economists convened by Reuters had predicted that the PPI would rise 0.5% in March and jump 3.8% year-on-year. The report was delayed after the Labor Statistics Office website crashed.
This is breaking news. Please check for updates again.