The New York Empire State Consumer Price Index fell 14.9 points to -11.8 points, according to the New York Fed.
Economists expected the index to reach 5.5 points. The figures are the lowest since May 2020.
Orders and shipments also fell in March, while there were continued substantial increases in import prices and sales prices.
The index of new orders fell 12.6 points to -11.2 points in March, while the index of shipments fell 10.3 points to -7.4 points.
Outstanding orders (index) fell 1.3 points to 13.1 points in March, while the stock index rose 9.8 points to 21.5 points in March, the highest level in years.
Businesses were generally optimistic for the next six months, with the index of future business conditions rising 8.4 points to 36.6 points.
Source: Capital
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