Prices of goods climbed 2.3% in March for a second month. More than half of the increase was due to a 5.7% jump in energy prices. The cost of services, meanwhile, advanced 0.9% after a 0.3% rise in February. More than 40% of the gain in services costs reflected higher margins in trade that includes wholesalers and retailers.
Producer prices excluding food, energy, and trade services -- which strips out the most volatile components of the index -- rose 0.9% from February, the biggest gain since the start of 2021. The measure rose 7% from a year ago.
Costs of processed goods for intermediate demand, which reflect prices earlier in the production pipeline, increased 2.1% from a month earlier. More than 60% of the broad advance was due to energy, particularly jet fuel. Compared with a year earlier, the measure was up 21.7%.
-With assistance from Kristy Scheuble.
This article was provided by Bloomberg News.