Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), rose to 4% on a yearly basis in March from 3.4% in February, the US Bureau of Labor Statistics (BLS) reported on Tuesday. This reading came in below the market expectation of 4.6%. On a monthly basis, the PPI rose 0.5%, matching February’s increase and falling short of analysts’ estimate of 1.2%.
Other details of the report showed that the PPI ex Food & Energy was up 3.8% YoY in March, compared to the market forecast of 4.2%.
Market reaction
The US Dollar Index (DXY) remains under bearish pressure following this data and was last seen losing 0.35% on the day at 98.03.