CNBC’s Santelli: Producer Price Index Fell 0.4% in March, the Sharpest Drop Since October 2023

EXCERPT:

SANTELLI: "Yes, these are our March read on Producer Price Index, the more wholesale side of the inflation equation, and they’re big numbers. Down 4/10 on headline, down 4/10. That would be equal to where we were in October of '23. And if we find a lower number, you’re going all the way back to April of 2020, in the Covid-affected era, and that was down 1.2%. Now let’s strip out food and energy, down 1/10 of a percent. That equals where we were in February, equals where we were in July. To find a lower number, you’re in April of 2020 at minus 3/10. If we look at ex food, energy and trade, it is up 1/10, also much less than we were expecting. Up 1010 equals where we were in November of last year. To find a bigger, smaller negative number, you’re minus 8/10 in April of 2020. Now let’s look at year-over-year final demand, 2.7, well below our expectations of 3.3, well below 3.2 in the rear-view mirror. To find a lower number, you’re in September of last year. September of last year. So we see that this metric had been moving up. Now it’s moving back down.”