Energy Costs Inflate Producer Prices in March

The rising cost of energy sent wholesale prices up a record 11.2% last month, according to the U.S. Bureau of Labor Statistics.
Energy Costs Inflate Producer Prices in March

The U.S. Bureau of Labor Statistics says the rising cost of energy sent wholesale prices up a record 11.2% in March compared to the same month a year ago.

The federal government’s Producer Price Index measures inflation before it meets consumers. In March, the PPI rose at its fastest year-to-year rate, according to BLS records dating back 12 years. Energy prices rose 36.7% in March from a year ago.

Labor officials recently also reported that consumer prices in March rose 8.5%, the fastest such pace since late 1981.

The Associated Press reported that the U.K.’s Office for National Statistics said British consumer prices jumped 7% year-over-year last month, the fastest pace in three decades. U.K. costs also rose due to surging energy prices.

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