Import prices in the U.S. increased by slightly more than expected in the month of March, according to a report released by the Labor Department on Friday.
The report said import prices climbed by 0.4 percent in March after rising by 0.3 percent in February. Economists had expected import prices to increase by another 0.3 percent.
Import prices also rose by 0.4 percent compared to the same month a year ago, marking the first year-over-year increase since January 2023.
The bigger than expected monthly increase in import prices largely reflected a surge in prices for fuel imports, which spiked by 4.7 percent in March after jumping by 1.3 percent in February.
Prices for non-fuel imports crept up by 0.1 percent in March after edging up by 0.2 percent in February, as higher prices for foods, feeds, and beverages; non-fuel industrial supplies and materials; and automotive
vehicles more than offset lower prices for consumer goods and capital goods.
Meanwhile, the Labor Department said export prices rose by 0.3 percent in March after climbing by a revised 0.7 percent in February. The increase in export prices matched economist estimates.
Compared to the same month a year ago, export prices were down by 1.4 percent in March following a 1.8 percent slump in February.
Prices for non-agricultural prices rose by 0.4 percent during the month, more than offsetting a 0.7 percent decrease in prices for agricultural exports.
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