US wholesale inflation saw dramatic cooldown in March

Minneapolis CNN  — 

US inflation at the wholesale level continued its downward slide in March with annualized price increases sinking dramatically to 2.7% from 4.6%, according to the Producer Price Index released Thursday by the Bureau of Labor Statistics.

On a monthly basis, producer prices slumped by 0.5%.

Economists were expecting annual inflation, as measured by the PPI, to land at 3% for the 12 months ended in March and for no change from the month before.

This story is developing and will be updated.