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2026-04-14 20:46:41
[US Wholesale Inflation Unexpectedly Moderate in March; Oil Price Pressures Not Yet Transmitted to PPI] ⑴ Data released by the US Bureau of Labor Statistics on Tuesday showed that the final demand producer price index (PPI) rose 0.5% month-over-month in March, unchanged from the revised 0.5% in February, with the annual rate rising to 4%, higher than February's 3.4%. ⑵ Economists surveyed by FactSet had expected a 1.1% month-over-month increase, mainly driven by rising oil prices, with an annual rate expectation of 4.6%. The actual reading was significantly lower than expected. ⑶ The core PPI, excluding food, energy, and trade services, rose only 0.2% month-over-month, a significant drop from February's 0.5%, and also weaker than market expectations. ⑷ The core PPI rose 3.6% year-over-year, slightly higher than February's 3.5%. ⑸ Overall, the higher oil price pressures have not yet been fully reflected in the March wholesale data. In the coming months, attention should be paid to whether the transmission of energy costs to producer prices will be delayed.
