PPI report shows surge in U.S. wholesale prices
The numbers: The wholesale cost of U.S. goods and services surged in March, but almost all of the increase reflected the higher cost of gas. Evidence of rising inflation was otherwise largely absent.
Yet another measure of wholesale costs known as core PPI, which strips out volatile food and energy prices, was flat on the month. The 12-month rate of inflation as measured by core PPI, meanwhile, slipped to 2% from 2.3%. That’s the lowest level in almost a year and a half.Big picture: Inflation has waned after a big runup in the first half of last year despite rising wages and higher prices for certain goods due to U.S. tariffs. The low level of inflation has prompted the Federal Reserve to cancel prior plans to raise interest rates this year.
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