The producer price index in America recorded the lowest reading since April 2020
The US Producer Price Index fell in March to 2.7%, the lowest reading since April 2020, below analysts’ expectations of 3%.
This decline was driven by the lower cost of gasoline, which helped slow down inflationary pressures.
This data comes just one day after the CPI numbers were released, which showed a significant decline to 5% in March, but core inflation surprisingly rose to 5.6%.
The consumer price index in the United States rose 0.1% last month, after rising 0.4% in February. Economists polled by Reuters had expected the index to rise 0.2% in March.