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Financial News: U.S. Import Prices Jump 0.9% In April, Much

U.S. Import Prices Jump 0.9% In April, Much More Than Expected

05/16/2024 - 10:06:00 (RTTNews)

(RTTNews) - The Labor Department released a report on Thursday showing U.S. import prices jumped by much more than expected in the month of April.

The report said import prices shot up by 0.9 percent in April after climbing by an upwardly revised 0.6 percent in March.

Economists had expected import prices to rise by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.

The annual rate of growth by import prices accelerated to 1.1 percent in April from 0.4 percent in March, reflecting the largest over-the-year increase since December 2022.

The much bigger than expected monthly increase by import prices partly reflected a continued surge in prices for fuel imports, which shot up by 2.4 percent in April after spiking by 5.4 percent in March.

Prices for non-fuel imports also advanced by 0.7 percent in April after edging up by 0.2 percent in March, reflecting higher prices for non-fuel industrial supplies and materials; foods, feeds, and beverages; automotive vehicles; capital goods and consumer goods.

The Labor Department also said export prices climbed by 0.5 percent in April after inching up by a downwardly revised 0.1 percent in March.

Economists had expected export prices to climb by 0.4 percent compared to the 0.3 percent rise originally reported for the previous month.

Compared to the same month a year ago, export prices fell by 1.0 percent in April after tumbling by 1.4 percent in March.

Prices for non-agricultural exports led the monthly increase, climbing by 0.7 percent in April after rising by 0.3 percent in March.

Meanwhile, prices for agricultural exports slid by 0.9 percent in April following a 1.3 percent slump in the previous month.

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