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Wu said that, according to data from the U.S. Bureau of Labor Statistics (BLS), the U.S. Producer Price Index (PPI) in March 2026 increased by 0.5% month-on-month, unchanged from the previous value and below market expectations of 1.1%. Among them, commodity prices rose by 1.6% month-on-month, the largest increase since August 2023, mainly driven by an 8.5% month-on-month rise in energy prices, which the BLS states is related to the Iran conflict. Year-on-year, the March PPI increased by 4%, the largest year-on-year increase since February 2023.