Updated: 11-Apr-24 09:13 ET

March PPI

Updated: 11-Apr-24 09:13 ET

Highlights

• The March Producer Price Index for final demand (PPI) increased 0.2% month-over-month (Briefing.com consensus 0.3%) after increasing by 0.6% in February.
• The Producer Price Index for final demand, excluding food and energy (core PPI), also increased 0.2% month-over-month (Briefing.com consensus 0.2%) after increasing 0.3% in February.
• On a year-over-year basis, PPI was up 2.1% versus 1.6% in February while core PPI was up 2.4% versus 2.1% in February.

Key Factors

• The index for final demand goods decreased 0.1% after rising 1.2% in February. Index for final demand energy fell 1.6% while the index for final demand foods rose 0.8%.
• The index for final demand services rose 0.3% for the second consecutive month. The increase was led by a 0.2% increase in the index for final demand services less trade, transportation, and warehousing.
• The index for processed goods for intermediate demand fell 0.5% after increasing 1.5% in February.
• The index for unprocessed goods for intermediate demand decreased 1.9% after falling 0.7% in February.

Big Picture

• The key takeaway from the report is that even with the smaller than expected month-over-month increases, the year-over-year growth rates for PPI and core PPI accelerated.

Category	MAR	FEB	JAN	DEC	NOV
Final Demand	0.2%	0.6%	0.4%	-0.1%	0.1%
Core (excluding ...)
Food and Energy	0.2%	0.3%	0.5%	0.0%	0.2%
Food, Energy, and Trade	0.2%	0.3%	0.6%	0.3%	0.1%
Final Demand Goods
Total	-0.1%	1.2%	-0.1%	-0.1%	-0.2%
Energy	-1.6%	4.1%	-1.2%	-0.8%	-2.0%
Finished Goods			-0.1%	0.0%	0.2%
Final Demand Services
Total	0.3%	0.3%	0.6%	-0.1%	0.2%
Trade	0.3%	0.1%	0.2%	-1.1%	0.4%
Intermediate Demand
Processed	-0.5%	1.5%	-0.1%	-0.4%	-0.7%
Unprocessed	-1.9%	-0.7%	1.5%	-4.1%	-2.1%
Services	0.2%	0.0%	0.7%	0.4%	0.5%