The sharpest drop in the US PPI since the beginning of the pandemic

The US Department of Labor announced the PPI data for March.

Accordingly, the PPI decreased by 0.5 percent in March compared to the previous month, and recorded its highest monthly decrease since April 2020.

The median estimate of economists surveyed by Bloomberg was that there would be no change in monthly PPI.

Producer prices rose 2.7 percent year-on-year in March. Producer inflation was 4.9 percent on an annual basis in February.

Core PPI, which does not include variable food and energy prices, decreased by 0.1 percent on a monthly basis in March and increased by 3.4 percent on an annual basis. Core PPI was expected to increase by 0.2 percent monthly.