US wholesale inflation pressures eased sharply last month

U.S. wholesale prices fell last month, a sign that inflationary pressures in the economy are easing more than a year after the Federal Reserve began aggressively raising interest rates. From February to March, the government’s producer price index dropped 0.5% as energy prices plunged after having been unchanged from January to February. Compared with a year ago, wholesale prices were up 2.7% in March, down significantly from a 4.7% year-over-increase increase in February. The Labor Department’s producer price index reflects prices charged by manufacturers, farmers and wholesalers. It can provide an early sign of how fast consumer inflation will rise.