WASHINGTON (CNA) – The U.S. Labor Department announced today that the Producer Price Index (PPI), which reflects U.S. wholesale prices, rose 4.0% in March compared to the same period last year, up from 3.4% in February but below analysts' forecast of 4.6%, affected by rising energy prices related to the Iran war.
Agence France-Presse reported that the U.S. PPI in March increased by 0.5% compared to the previous month, the same as in February.
The Bureau of Labor Statistics, part of the U.S. Labor Department, pointed out that most of the increase in March's PPI can be traced to final demand prices for energy, which surged by 8.5%.
The U.S. Bureau of Labor Statistics stated that nearly half of the increase in March's final demand goods PPI came from a 15.7% jump in gasoline prices, with price indexes for diesel, jet fuel, heating oil, meat, and major basic organic chemicals also rising.
The Middle East war and Iran's blockade of most oil tanker traffic through the critical Strait of Hormuz have impacted oil supplies, creating inflationary pressure.
Rising crude oil prices are causing a ripple effect in the world's largest economy, the United States, for example, drivers have to pay more to fill up their tanks. (Compiled by: Chang Cheng-chien) 1150414
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- Source: CNA (Central News Agency)
- Category: financial