Summary
U.S. wholesale prices increased in March, mainly because energy costs rose due to the war in Iran. The Labor Department says the producer price index, which shows inflation before it reaches consumers, rose 0.5% from February and 4% compared to the previous year.
Key Facts
- The producer price index (PPI) rose 0.5% from February to March.
- Year-over-year PPI increase was 4%, the highest in over three years.
- Energy prices went up 8.5% from February, influenced by the Iran war.
- Core producer prices (excluding food and energy) rose 0.1% from February and 3.8% yearly.
- The increase in wholesale prices was smaller than economists expected.
- The White House is holding a briefing on Tax Day with press secretary Karoline Leavitt.
- The IRS chief is testifying about the tax filing season on this day.
