The report published by the Labor Department on Friday revealed the U.S.
import-price index jumped 0.4 percent m-o-m in April, following a downwardly
revised 0.8 percent m-o-m decline (from -0.6 percent m-o-m) in March. That marked
the first monthly increase in U.S. import prices in four months.
Economists had forecast prices to rise 0.3 percent m-o-m last month.
According to the report, the April gain was due to a 4.5 percent m-o-m surge
in import fuel prices. Meanwhile, the prices for nonfuel imports were flat
Over the 12-month period ended in April, import prices plunged 4.8
percent, reflecting a 25.9 percent
tumble in fuel prices and a 1.9 percent fall in nonfuel prices. That represented
the largest 12-month drop since May 2020 (-6.3 percent).
The report also showed that the price index for U.S. exports increased
0.2 percent m-o-m in April, following a downwardly revised 0.6 percent m-o-m drop
(from -0.3 percent m-o-m) in the previous month.
Economists had expected export prices to advance 0.2 percent m-o-m in April.
The April gain in the U.S. export-price index was attributable to a 0.4 percent
m-o-m climb in prices for agricultural exports and a 0.2 percent m-o-m rise in
prices for nonagricultural exports.
Over the past 12 months, the price index for exports slumped 5.9
percent, reflecting a 3.9 percent decrease in prices of agricultural exports and a 6.3 percent m-o-m decline in prices
for nonagricultural exports. That was the largest 12-month drop since May 2020