Wholesale prices surge 11.2% in March, highest level on record

Former White House Council of Economic Advisors chairman Tomas Philipson and Kaltbaum Capital Management president Gary Kaltbaum discuss whether inflation has peaked on 'The Claman Countdown.'

Wholesale prices surged again in March as strong consumer demand, pandemic-related supply chain snarls and the Russian war in Ukraine continued to fuel the highestThe Labor Department said Wednesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, surged 11.2% in March from the year-ago period. On a monthly basis, prices grew by 1.4% – an uptick from February, when the gauge increased by 0.9%.

Economists surveyed by Refinitiv expected producer inflation to rise by 10.6% on an annual basis and 1.1% from the previous month. Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.9% for the month, following a 0.2% increase in February. Over the past 12 months, core prices were up 7.0%.

Diesel fuel prices, which soared 20.4% in the month, led the cost increases in March. Over half of the broad-based increase in March can be traced to a 5.7% jump in prices for energy costs, the Labor Department said.The surge in wholesale prices comes on the heels of a

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