US annual producer inflation up 4%, below expectations

The producer price index in the US rose 4% in March on a yearly basis, below the market expectation of 4.6%, official figures showed on Tuesday.

The monthly increase was 0.5%, also slower than the forecast of 1.1%, according to Bureau of Labor Statistics figures.

Energy prices surged 8.5%, with gasoline prices specifically soaring 15.7%.

The core index, which excludes foods, energy, and trade services, climbed 0.2% in March on a monthly basis.

In February, producer inflation rates rose 0.5% on a monthly basis and 3.4% annually.