U.S. March PPI surges 4.2% y/y to new high since 2011

U.S. March production price index (PPI) rose 1% month-on-month, up more than the previous month and market expectations of 0.5%; year-on-year rose 4.2%, the largest increase since September 2011, but also accelerated from 2.8% in the previous month, reflecting the impact of the economic reboot and increased government spending.