Updated: 11-Apr-25 09:17 ET
| March PPI |
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| Updated: 11-Apr-25 09:17 ET |
Highlights
- The Producer Price Index for final demand decreased 0.4% month-over-month in March (Briefing.com consensus 0.1%) following an upwardly revised 0.1% increase (from 0.0%) in February.
- The Core Producer Price Index for final demand, which excludes food and energy, decreased 0.1% month-over-month (Briefing.com consensus 0.3%) following an upwardly revised 0.1% increase (from -0.1%) in February.
- On a year-over-year basis, the index for final demand was up 2.7% versus 3.2% in February, and the index for final demand, less food and energy, was up 3.3% versus 3.5% in February.
Key Factors
- The index for final demand goods decreased 0.9% in March, driven by a 4.0% decline in the index for final demand energy.
- The index for final demand services declined 0.2% in March, paced by a 0.7% drop in margins for final demand trade services.
- The index for processed goods for intermediate demand was unchanged in March.
- The index for unprocessed goods for intermediate demand moved down 4.1% in March, with nearly three-fourths of the decline attributable to the index for unprocessed foodstuffs and feedstuffs, which dropped 7.5%.
Big Picture
- The key takeaway from the report is that inflation for wholesalers was suppressed in March; however, that good news is being discounted as temporary (like yesterday's CPI report was) given that tariff actions are taking root in supply chains and are expected to lead to higher prices at least in the short term.
| Category | MAR | FEB | JAN | DEC | NOV |
| Final Demand | -0.4% | 0.1% | 0.6% | 0.5% | 0.1% |
| Core (excluding ...) | |||||
| Food and Energy | -0.1% | 0.1% | 0.5% | 0.4% | 0.0% |
| Food, Energy, and Trade | 0.1% | 0.4% | 0.4% | 0.4% | 0.1% |
| Final Demand Goods | |||||
| Total | -0.9% | 0.3% | 0.7% | 0.5% | 0.6% |
| Energy | -4.0% | -1.3% | 2.0% | 2.2% | 0.4% |
| Finished Goods | -1.3% | 0.2% | 0.6% | 0.8% | 0.8% |
| Final Demand Services | |||||
| Total | -0.2% | 0.0% | 0.5% | 0.5% | -0.1% |
| Trade | -0.7% | -1.1% | 0.9% | 0.4% | -0.6% |
| Intermediate Demand | |||||
| Processed | 0.0% | 0.4% | 1.1% | 0.2% | 0.1% |
| Unprocessed | -4.1% | 0.9% | 5.8% | 2.9% | 0.0% |
| Services | -0.1% | 0.2% | -0.1% | 0.5% | -0.2% |