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Mixed economic news:

WASHINGTON, March 21 (Reuters) - Plunging food and energy costs pulled U.S. producer prices down a surprisingly steep 1.4 percent in February, the biggest drop in nearly three years, but rising prices elsewhere show inflation pressures bubbling.

The drop in the Labor Department's producer price index, a gauge of prices paid to farms, factories and refineries released on Tuesday, was much larger than the 0.2 percent decline Wall Street expected.

However, the department said the core PPI, which strips out volatile food and energy costs, rose 0.3 percent last month after a 0.4 percent gain in January. Financial markets had looked for that index to move up just 0.1 percent.

From here, it looks like our new Fed Chairman will have to keep jacking up rates.