FX.co ★ US Core PPI Edges Higher in March, Signaling Persistent Underlying Inflation Pressures

The U.S. Producer Price Index excluding food, energy, and transport ticked up to 3.6% year-over-year in March 2026, slightly above February’s 3.5%, according to data updated on 14 April 2026. The measure, often viewed as a gauge of underlying pipeline inflation, compares price changes in March 2026 to those in March 2025.

February’s reading, which was a 3.5% increase versus February 2025, had suggested a modest firming in core producer prices. The latest uptick to 3.6% indicates that underlying cost pressures in the production sector remain elevated, with no clear sign yet of a decisive slowdown.

With the indicator moving higher on a year-over-year basis for a second consecutive month, investors and policymakers may interpret the data as evidence that disinflation in core producer costs is progressing unevenly, potentially complicating the outlook for future monetary policy decisions.