Import prices in the U.S. rose by more than expected in the month of April, according to a report released by the Labor Department on Wednesday, with the increase partly reflecting a rebound in prices for fuel imports.
The Labor Department said import prices climbed by 0.5 percent in April after a revised 0.1 percent uptick in March.
Economists had expected import prices to rise by 0.2 percent compared to the 0.2 percent drop originally reported for the previous month.
The bigger than expected increase in imports prices came as prices for fuel imports jumped by 1.6 percent in April after sliding by 0.9 percent in March.
Significant increases in prices for both petroleum and natural gas contributed to the rebound in overall fuel prices.
Excluding fuel prices, import prices still rose by 0.3 percent in April compared to the 0.2 percent increase seen in March.
The Labor Department said higher prices for non-fuel industrial supplies and materials, foods, feeds, and beverages, and each of the major finished goods categories all contributed to the increase.
The report also said export prices edged up by 0.2 percent in April after inching up by a revised 0.1 percent in March.
Export prices had been expected to creep up by 0.1 percent compared to the 0.2 percent increase that had been reported for the previous month.
Prices for agricultural exports rose by 0.3 percent in April after climbing by 0.8 percent in March, while prices for non-agricultural exports inched up by 0.1 percent for the second straight month.
The Labor Department also said import prices in April were up by 4.1 percent compared to the same month a year ago. Export prices were up by 3.0 percent year-over-year.
by RTT Staff Writer
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