United States Producer Price Inflation MoM

Producer prices in the US were up 0.2% month-over-month in March 2024, the smallest increase in three months, following a 0.6% rise in February and below forecasts of 0.3%. Prices for services rose 0.3%, the same as in February, led by gains in securities brokerage, dealing, investment advice, and related services (3.1%). Cost also moved higher for professional and commercial equipment wholesaling; airline passenger services; investment banking; deposit services (partial); and computer hardware, software, and supplies retailing. On the other hand, goods cost went down 0.1%, following a 1.2% rise in the previous month, as gasoline dropped 3.6%. Other declines were also seen in prices for chicken eggs, carbon steel scrap, jet fuel, and fresh fruits and melons. Year-on-year, the PPI rose 2.1%, the most since April 2023, after 1.6% in February. The core index increased 0.1% on the month, pushing the annual rate higher to 2.4%.