Inflation rises to highest level since April 2023

(CNN)– Wholesale inflation in the U.S. rose again last month.

The producer price index is a closely watched measure of inflation.

The U.S. government reports it rose 2.1% for the 12 months ending in March.

That is an increase from a 1.6% annual gain in February was below expectations.

The acceleration in the prices producers pay for goods and services highlights the persistence of inflation.

And it supports fears that interest rates will stay higher or longer.