U.S. wholesale prices fell in March, a sign that inflationary pressures in the economy are easing more than a year after the Federal Reserve began aggressively raising interest rates.
WASHINGTON — U.S. wholesale prices fell in March, a sign that inflationary pressures in the economy are easing more than a year after thePlunging energy prices pulled the government’s producer price index down 0.5% from February to March; it had been unchanged from January to February. Compared with a year ago, wholesale prices were up 2.7% in March - the mildest 12-month increase since January 2021 and down significantly from a 4.7% annual rise in February.
A huge drop in wholesale gasoline accounted for much of the sharp slowdown in producer prices. But even excluding volatile food and energy prices, so-called core wholesale inflation fell 0.1% in March, the first such drop in nearly three years. Theand many private economists regard core prices as a better gauge of underlying inflation. Core wholesale inflation was up just 3.4% from March 2022, the lowest year-over-year rise since 2021.
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