U.S. wholesale inflation records biggest increase in 40 years

TradingEconomics/Staff/4-13-2022

“Producer prices for final demand in the US increased 1.4% month-over-month in March of 2022, the biggest increase since at least December 2009 and above market forecasts of 1.1%. Main upward contribution came from diesel fuel prices (20.4%) and cost also went up for gasoline (4.9%), fresh and dry vegetables (42.4%), jet fuel (23%), iron and steel scrap (27.6%), and electric power (1.9%). In contrast, prices for beef and veal fell 7.3% and cost for residential natural gas (-0.4%) also declined. Prices of services increased 0.9%, mainly due to a 1.2% rise in margins for final demand trade services. Prices for final demand transportation and warehousing services (5.5%) and for final demand services less trade, transportation, and warehousing (0.3%) also moved higher. Compared to March 2021, producer prices were up 11.2%, the biggest increase since January of 1981.”

United States Producer Prices
(%, year over year)

Chart courtesy of TradingEconomics.com