<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/04/image-1-1776172493.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/04/image-1-1776172493.png"/></p>
<p>美国生产者价格在三月份的增长低于预期，稳定的服务成本帮助抵消了因与伊朗持续战争引发的能源价格急剧上涨。</p>
<p>根据美国劳工统计局周二发布的数据，最终需求的生产者价格指数（PPI）上个月上涨了 0.5%，与经过下调修正的二月份增幅相符。</p>
<p>路透社调查的经济学家原本预计将有更大幅度的 1.1% 上涨。</p>
<p>按年计算，三月份的生产者通胀加速至 4.0%，高于二月份的 3.4%，反映出生产链中的成本压力不断加大。</p>
<h2>能源冲击开始显现</h2>
<p>生产者价格的相对温和月度增长掩盖了能源成本急剧上涨的早期影响。</p>
<p>自二月底美国与伊朗冲突开始以来，油价已上涨超过 35%，在美国宣布计划封锁伊朗港口后，油价一度突破每桶 100 美元。</p>
<p>三月份能源成本的激增部分被服务价格持平所抵消，这表明更广泛的通胀压力仍在逐步积累。</p>
<p>然而，经济学家警告称，油价上涨的全部影响尚未在通胀数据中反映出来。</p>
<p>三月份的 PPI 可能仅捕捉到了冲击的初始阶段，预计未来几个月将出现进一步上涨，因为更高的燃料成本将传导至运输、制造和物流。</p>
<h2>通胀前景仍不确定</h2>
<p>最近的数据已经显示出消费者层面上价格压力的上升。</p>
<p>消费者价格指数在三月份录得近四年来最大的月度增长，主要受到汽油和柴油价格激增的推动。</p>
<p>美联储以个人消费支出（PCE）指数为基础，目标通胀率为 2%，现在面临更复杂的政策环境。</p>
<p>经济学家估计，剔除食品和能源的核心 PCE 通胀在三月份上涨了 0.2%，年化率为 3.1%。</p>
<p>虽然能源冲击预计对核心通胀的影响较为温和，但仍有可能使整体价格增长在更长时间内保持高位。</p>
<p>即将于 4 月 30 日发布的 PCE 数据将受到密切关注，以确认这些趋势，因为它包含了消费者和生产者价格的输入。</p>
<h2>美联储面临政策困境，市场发生变化</h2>
<p>持续高企的通胀可能会给家庭预算带来压力，尤其是在经历了几年的价格高于中央银行目标之后。</p>
<p>与此同时，劳动力市场放缓的迹象也增加了美联储的政策挑战。</p>
<p>金融市场已经开始调整预期。</p>
<p>自冲突爆发以来，交易员们已减少了对今年降息的押注，扭转了之前预计的一到两次降息的预测。</p>
<p>随着通胀压力加大和经济增长显现放缓迹象，政策制定者可能被迫保持谨慎，平衡根深蒂固的通胀风险与潜在经济放缓之间的关系。</p>
<p>美国 PPI 因服务成本稳定而上涨低于预期的文章首发于 Invezz</p>

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<p>美国生产者价格在三月份上涨了 0.5%，低于预期的 1.1% 增幅，稳定的服务成本抵消了由于伊朗冲突导致的能源价格大幅上涨。年度生产者通胀从 3.4% 加速至 4.0%。自二月底以来，能源成本已上涨超过 35%，预计将影响未来的通胀数据。美联储面临着持续高通胀和放缓的劳动力市场的挑战， complicating policy decisions。即将于 4 月 30 日发布的个人消费支出（PCE）数据对于理解这些趋势至关重要</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/04/image-1-1776172493.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/04/image-1-1776172493.png"/></p>
<p>US producer prices increased less than expected in March, as stable service costs helped offset a sharp rise in energy prices triggered by the ongoing war with Iran.</p>
<div class="lb-trans"><p>美国生产者价格在三月份的增长低于预期，稳定的服务成本帮助抵消了因与伊朗持续战争引发的能源价格急剧上涨。</p>
</div><p>The Producer Price Index (PPI) for final demand rose 0.5% last month, matching a downwardly revised increase in February, data from the Bureau of Labor Statistics showed on Tuesday.</p>
<div class="lb-trans"><p>根据美国劳工统计局周二发布的数据，最终需求的生产者价格指数（PPI）上个月上涨了 0.5%，与经过下调修正的二月份增幅相符。</p>
</div><p>Economists polled by Reuters had expected a sharper 1.1% rise.</p>
<div class="lb-trans"><p>路透社调查的经济学家原本预计将有更大幅度的 1.1% 上涨。</p>
</div><p>On an annual basis, producer inflation accelerated to 4.0% in March, up from 3.4% in February, reflecting mounting cost pressures in the production pipeline.</p>
<div class="lb-trans"><p>按年计算，三月份的生产者通胀加速至 4.0%，高于二月份的 3.4%，反映出生产链中的成本压力不断加大。</p>
</div><h2>Energy shock begins to filter through</h2>
<div class="lb-trans"><h2>能源冲击开始显现</h2>
</div><p>The relatively muted monthly increase in producer prices masked the early impact of a sharp surge in energy costs.</p>
<div class="lb-trans"><p>生产者价格的相对温和月度增长掩盖了能源成本急剧上涨的早期影响。</p>
</div><p>Oil prices have climbed more than 35% since the US-Israel conflict with Iran began in late February, briefly crossing $100 per barrel after the US announced plans to blockade Iranian ports.</p>
<div class="lb-trans"><p>自二月底美国与伊朗冲突开始以来，油价已上涨超过 35%，在美国宣布计划封锁伊朗港口后，油价一度突破每桶 100 美元。</p>
</div><p>The jump in energy costs was partly offset by flat services prices in March, suggesting that broader inflationary pressures are still building gradually.</p>
<div class="lb-trans"><p>三月份能源成本的激增部分被服务价格持平所抵消，这表明更广泛的通胀压力仍在逐步积累。</p>
</div><p>However, economists warn that the full effect of rising oil prices is yet to be reflected in inflation data.</p>
<div class="lb-trans"><p>然而，经济学家警告称，油价上涨的全部影响尚未在通胀数据中反映出来。</p>
</div><p>March’s PPI likely captured only the initial phase of the shock, with further increases expected in the coming months as higher fuel costs feed into transportation, manufacturing, and logistics.</p>
<div class="lb-trans"><p>三月份的 PPI 可能仅捕捉到了冲击的初始阶段，预计未来几个月将出现进一步上涨，因为更高的燃料成本将传导至运输、制造和物流。</p>
</div><h2>Inflation outlook remains uncertain</h2>
<div class="lb-trans"><h2>通胀前景仍不确定</h2>
</div><p>Recent data already point to rising price pressures at the consumer level.</p>
<div class="lb-trans"><p>最近的数据已经显示出消费者层面上价格压力的上升。</p>
</div><p>The Consumer Price Index recorded its largest monthly increase in nearly four years in March, driven by a surge in gasoline and diesel prices.</p>
<div class="lb-trans"><p>消费者价格指数在三月份录得近四年来最大的月度增长，主要受到汽油和柴油价格激增的推动。</p>
</div><p>The Federal Reserve, which targets 2% inflation based on the Personal Consumption Expenditures (PCE) index, is now facing a more complex policy environment.</p>
<div class="lb-trans"><p>美联储以个人消费支出（PCE）指数为基础，目标通胀率为 2%，现在面临更复杂的政策环境。</p>
</div><p>Economists estimate that core PCE inflation, which excludes food and energy, rose 0.2% in March, translating to an annual rate of 3.1%.</p>
<div class="lb-trans"><p>经济学家估计，剔除食品和能源的核心 PCE 通胀在三月份上涨了 0.2%，年化率为 3.1%。</p>
</div><p>While the energy shock is expected to have a more moderate effect on core inflation, it still risks keeping overall price growth elevated for longer.</p>
<div class="lb-trans"><p>虽然能源冲击预计对核心通胀的影响较为温和，但仍有可能使整体价格增长在更长时间内保持高位。</p>
</div><p>The upcoming PCE data release on April 30 will be closely watched for confirmation of these trends, as it incorporates both consumer and producer price inputs.</p>
<div class="lb-trans"><p>即将于 4 月 30 日发布的 PCE 数据将受到密切关注，以确认这些趋势，因为它包含了消费者和生产者价格的输入。</p>
</div><h2>Fed faces policy dilemma as markets shift</h2>
<div class="lb-trans"><h2>美联储面临政策困境，市场发生变化</h2>
</div><p>Persistently high inflation could strain household budgets, particularly after several years of prices rising above the central bank’s target.</p>
<div class="lb-trans"><p>持续高企的通胀可能会给家庭预算带来压力，尤其是在经历了几年的价格高于中央银行目标之后。</p>
</div><p>At the same time, signs of a slowing labor market are adding to the Federal Reserve’s policy challenges.</p>
<div class="lb-trans"><p>与此同时，劳动力市场放缓的迹象也增加了美联储的政策挑战。</p>
</div><p>Financial markets have already begun adjusting expectations.</p>
<div class="lb-trans"><p>金融市场已经开始调整预期。</p>
</div><p>Since the outbreak of the conflict, traders have scaled back bets on interest rate cuts this year, reversing earlier projections that had anticipated one or two reductions.</p>
<div class="lb-trans"><p>自冲突爆发以来，交易员们已减少了对今年降息的押注，扭转了之前预计的一到两次降息的预测。</p>
</div><p>With inflation pressures building and economic growth showing signs of moderation, policymakers may be forced to remain cautious, balancing the risks of entrenched inflation against a potential slowdown.</p>
<div class="lb-trans"><p>随着通胀压力加大和经济增长显现放缓迹象，政策制定者可能被迫保持谨慎，平衡根深蒂固的通胀风险与潜在经济放缓之间的关系。</p>
</div><p>The post US PPI rises less than expected on stable service costs appeared first on Invezz</p>
<div class="lb-trans"><p>美国 PPI 因服务成本稳定而上涨低于预期的文章首发于 Invezz</p>
</div>

US PPI rises less than expected on stable service costs

- 美国生产者价格指数在三月上涨 0.5%，低于预期的 1.1%。  
- 能源成本激增受到稳定服务价格的部分抵消。  
- 通胀前景不确定，可能对家庭预算造成压力。

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由于服务成本的稳定，美国生产者价格指数（PPI）涨幅低于预期