Inflation rises to highest level since last April

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

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 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 for longer.