US March PPI up 0.7%
The US producer price index (PPI) advanced 0.7% in March, the US Department of Labor said today.
Excluding food and energy costs, core PPI rose 0.1% in March.
Energy prices, which were the main reason behind the PPI increase, surged 3.3% last month. This is the biggest rise since October 2004.
Crude oil prices gushed ahead during March as rising energy
consumption in
China and the US raised concern over whether supply levels would be sufficient to meet peak demand this summer.
Meanwhile, March consumer prices, which will be released tomorrow, are expected to rise 0.5%. Excluding food and energy, March consumer prices are predicted to climb only 0.2%.