CNN —A key US inflation gauge rose last month to its highest level since April 2023, showing that underlying price pressures remain persistent.
The Producer Price Index, a closely watched measure of inflation at the wholesale level, rose 2.1% for the 12 months ended in March, up from a 1.6% gain in February, according to Bureau of Labor Statistics data released Thursday.
On a monthly basis, US wholesale prices rose 0.2%, markedly slower than the 0.6% gain in February.
When stripping out the more volatile components of food and energy, the closely watched “core” index moved higher for the third consecutive month, rising to 2.4% annually, up from 2.1% the month before.
Despite the increases, the annual rate of wholesale inflation (on both the overall and core level) is rising in line with what was seen in the years before the pandemic.
Persons:
Price
Organizations:
CNN, of Labor Statistics, PPI