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2026-04-14 20:33:31
[US March PPI Falls Short of Expectations Across the Board, Core PPI at 3.8% YoY, Below Consensus 4.2%] ⑴ US final demand PPI rose 0.5% month-on-month in March, lower than the market expectation of 1.1%. ⑵ Final demand PPI rose 4.0% year-on-year, lower than the expected 4.7%. ⑶ Excluding food and energy, final demand PPI rose 3.8% year-on-year, lower than the expected 4.2%, and rose 0.1% month-on-month, significantly lower than the expected 0.5%. ⑷ Further excluding food, energy, and trade services, final demand PPI rose 3.6% year-on-year and 0.2% month-on-month. ⑸ Overall inflation data fell short of expectations across the board, temporarily easing market concerns about the Federal Reserve being forced to raise interest rates. However, attention should be paid to whether the subsequent transmission of the Middle East situation to energy prices will be reflected in future PPI readings with a lag.
