US Producer Prices Rose 2.1% From Last Year

WASHINGTON (AP) — U.S. producer prices rose in March from a year earlier at the fastest pace in nearly a year, offering more evidence that progress against inflation may have stalled this year and raising doubts about whether and when the Federal Reserve will start cutting interest rates.

The Labor Department said Thursday that its producer price index — which measures inflationary pressure before it reaches consumers — rose 2.1% last month from March 2023, biggest year-over-year jump since April 2023.

Compared to February, though, wholesale prices were up just 0.2%, down from a 0.6% gain in February.