US producer prices rise more quickly than expected in March

Wholesale prices accelerated by more than expected last month, driven higher by a jump in energy costs.

According to the Department of Labor, so-called total final demand prices increased at a month-on-month pace of 1.0%.

That pushed the year-on-year rate of inflation to 4.2%, versus the one percentage point increase to 3.8% forecast by economists.

On the goods side of the equation, energy prices climbed by 5.9% in comparison to February, while those for food were up by 0.5%.

Price pressures were broad, with the core producer price index advancing 0.9% on the month.

In parallel, final demand services prices gained 0.7%, those for trade services - which includes retailers' margins - by 1.0% and those of transportation and warehousing by 1.5%.