U.S. producer prices increased by the most in seven months in February, driven by higher costs for services and a range of goods, and could accelerate further as the war in the Middle East boosts oil prices and the pass-through from tariffs persists. The stronger-than-expected Producer Price Index report released on Wednesday also suggested key inflation measures tracked by the Federal Reserve posted significant gains in February. The U.S. central bank held interest rates steady at the end of its two-day policy meeting on Wednesday. Policymakers projected higher inflation, steady unemployment and only a single cut in rates this year.