Data released moments ago by the U.S. Bureau of Labor Statistics showed that the Producer Price Index (PPI), which measures producer price inflation, rose 0.5% in March, compared to a revised 0.5% increase in February. This fell short of expectations, which had anticipated a 1.1% rise. The annual PPI increased by 4%, reaching its highest level since February 2023.

The core PPI, which excludes food, energy, and trade services, rose 0.2%, compared to 0.5% growth in both February and January. Year-on-year, the PPI climbed 3.6%, marking its largest increase in a year.