March PPI: 0.4% MoM vs 0.2% MoM expected (above expectations)
Producer prices rose 0.4% MoM in March, hotter than the 0.2% consensus, with headline PPI accelerating to 3.5% YoY and core measures staying sticky. The report reinforced the idea that pipeline inflation pressure was still building after the war-driven energy shock.
📊 Results
Actual Reading
Market Reaction
💡 Key Takeaway
Wholesale inflation stayed too hot for comfort. Even after softer core CPI details, the PPI print kept the pressure on the Fed and supported the view that disinflation was not broad-based enough to unlock quick cuts.
📖 Why This Matters
Producer price index: the inflation metric that matters before it doesn't.
March PPI actual vs expected
| Release date | Tuesday, April 14, 2026 at 08:30 ET |
|---|---|
| Event type | PPI |
| Actual | 0.4% MoM |
| Expected | 0.2% MoM |
| Prior | 0.7% MoM |
| Expectation surprise | above expectations |
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FAQ
What was the March PPI result?
March PPI came in at 0.4% MoM versus 0.2% MoM expected, above expectations.
How did markets react to March PPI?
Treasury yields moved higher initially and equity futures stayed cautious as traders priced a longer Fed hold.
🔗 Related Events
January PPI
Hot — headline PPI +0.5% MoM (vs +0.3% expected), driven by services costs surging. Core PPI +3.6% YoY. Tariff passthrough showing up in producer prices.
February PPI
Producer prices jumped 0.7% MoM in February, well above the 0.3% consensus. The yearly pace accelerated to 3.4%, showing pipeline inflation was heating up before second-round war effects fully hit.
April PPI
April PPI shocked higher: final demand jumped 1.4% MoM versus 0.5% expected, while the annual rate accelerated to 6.0% from 4.3%. Services, trade margins, transportation, and energy all contributed, making the inflation scare broader than just gasoline.