Producer prices grew by an 11-year high in March, mainly driven by the increase in prices of final demand goods during the month.
Source: Bureau of Labor Statistics
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The Producer Price Index for final demand grew by 11.2%, marking the biggest annual increase since 12-month data were first calculated in November 2010. This compares with 10.3% in February and 4.1% in March 2021.
The monthly inflation was recorded at 1.4% in March, faster than 0.9% in February and 0.7% in March. This was attributed to the 2.3% growth in prices for final demand goods, while final demand services climbed by 0.9%.
Final demand excluding food, energy, and trade services inched up by 0.9%, marking its biggest climb since growing by 1.0% in January. The annual growth was recorded at 7.0%.
Monthly increases were also seen in foods, energy, trade, transportation, and warehousing.