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Increase in producer price index over past year climbs to 3%
The numbers: U.S. wholesale prices accelerated in March (https://www.bls.gov/news.release/ppi.nr0.htm) to show a 0.3% increase despite lower energy costs, suggesting inflationary pressures in the U.S. have become more widespread.
Economists surveyed by MarketWatch had predicted a 0.1% increase in the producer price index.
The 12-month rate of wholesale inflation, meanwhile, rose to 3% for the first time since November and only the second time since the government reformulated its PPI index in 2013.
What happened: The wholesale cost of services such as medical care, cable TV and plane travel all rose sharply last month and accounted for most of the increase in the PPI.
Wholesale cable costs rose 3.6%, the biggest increase since the government began keeping track in 2009.
The cost of wholesale goods also increased even as energy costs declined. Food prices posted the biggest increase since 2014.
The cost of iron and steel scrap also jumped 4.3%, likely reflecting a runup in prices ahead of the Trump administration's announcement it would impose tariffs on foreign steel.
The so-called core rate of wholesale inflation rose a sharp 0.4% for the third month in a row. The core rate is a closely watched category that excludes food, energy and retail-trade margins. The yearly rate of core inflation moved up to 2.9% from 2.7%
Yet in a surprise, the cost of partially finished goods and raw materials fell for the first time in two years, possibly a sign the recent runup in wholesale prices could level off, albeit at higher levels compared to a year earlier.
The big picture: Inflation in the U.S. is on the rise, but so far the increase has been gradual. Nor are higher wholesale prices a guarantee that prices paid by end customers will surge. Firms raise or lower prices for a number of reasons.
For now the Federal Reserve appears content to stick to three increases in U.S. interest rates in 2018 on the assumption that inflation will remain stable.
Market reaction: The Dow Jones Industrial Average and S&P 500 index were set to open higher in Tuesday trades.
In the bond market, which is highly sensitive to inflation, the 10-year yield was little changed