Fresh data from the U.S. Department of Labor on Tuesday showed that U.S. producer prices rose less than anticipated in March, pointing to softer inflation pressures at the wholesale level.
The producer price index (PPI) for final demand increased by 0.5% during the month, in line with a downwardly revised reading for February.
Economists had forecast a sharper rise of 1.2%, compared with the initially reported 0.7% gain in the previous month.
On an annual basis, producer prices rose 4.0% in March, up from 3.4% in February, but still below expectations of a 4.6% increase.