US producer prices rise 0.5% in March, below expectations
Business
US producer prices went up by 0.5% in March, about the same as February, but that is less than what experts thought would happen.
While service costs stayed flat, energy prices kept climbing, hinting that inflation is still hanging around even if things look steady on the surface.
Oil tops $100, PPI rises 4%
Tensions with Iran have pushed oil above $100 a barrel, thanks to a US blockade on Iranian shipments.
Since late February, oil has jumped more than 35%, making everything from gas to pricier.
The Producer Price Index is now up 4% over the year; mostly because of surging energy prices.