The numbers: The producer price index rose 1% in March, the U.S. Labor Department said Friday. Economists polled by the Wall Street Journal had forecast a 0.5% rise.
The rate of wholesale inflation over the past 12 months climbed to 4.2% in March. That’s the highest level since September 2011.
The government did not release the data for 25 minutes after the scheduled release time, an extraordinary delay of economic data that is focus of global financial markets.
What happened: Most of the increase in producer prices last month was tied to higher costs of energy, which jumped 5.9%.
Core prices, which strip out volatile foods, energy and trade prices, rose 0.6% in March and were up 3.1% year-on-year, its highest level since September 2018.
Big picture: The strong gain in producer prices is the result of the U.S. economy gaining momentum. Federal Reserve officials expect these gains to be caused by temporary dynamics.
Market reaction: Stocks
DJIA,
+0.39%
SPX,
+0.08%
were set for a mixed opening on Friday. The main U.S. equity indexes are headed for weekly gains.
