By Tom Burnett CFA
On April 13, 2023, the Bureau of Labor Statistics released its March report on the Producer Price Index. The PPI declined by 0.5% in March, after an unchanged reading for February. The Index advanced 2.7% in the 12 months ending in March, the smallest increase since 2021. By comparison, the 12-month increase for June 2022 was 11.2%. In March, the Index for goods fell by 1.0% while the Index for services fell by 0.3%. Gasoline prices fell by 11.7% in the month.
The Core Index, excluding food and energy, rose 0.1% in March, the smallest increase since 2021. For the 12 months ending in March, the Core Index rose by 3.6%. Energy prices fell 6.4% in March while the Food Index rose by 0.6%.
The next PPI report will be issued on May 11, 2023.
Tom Burnett CFA is Director of Research