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The U.S. Commerce Department released the producer price index figures on Wednesday. The U.S. producer price index fell 0.1% in March, missing expectations for a 0.2% rise, after a 0.2% drop in February.
The decrease was mainly driven by a fall in services prices.
Energy prices increased 1.8% in March, wholesale food prices decreased 0.9%.
Services prices were down 0.2% in March, the first fall since October 2015, while prices for goods rose 0.2%.
On a yearly basis, the producer price index decreased 0.1% in March, missing expectations for a 0.3% increase, after a flat reading in February.
The producer price index excluding food and energy decreased 0.1% in March, missing expectations for a 0.1% gain, after a flat reading in February.
On a yearly basis, the producer price index excluding food and energy climbed 1.0% in March, missing forecasts of a 1.3% increase, after a 1.2% rise in February.
These figures could mean that the Fed will raise its interest rate cautiously and gradually.
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