The report released
by the Labor Department on Friday revealed the U.S. import-price index increased
0.4 per cent m-o-m in March, following an unrevised 0.3 per cent m-o-m gain in February. This was the third straight monthly advance in the U.S. import
prices.
Economists had forecast
import prices to rise 0.3 per cent m-o-m last month.
According to
the report, the March gain mainly reflected a 4.7 per cent m-o-m soar in fuel
import prices. In addition, prices
for non-fuel imports edged up 0.1 per cent m-o-m.
Over the
12-month period that ended in March, import prices also increased 0.4 per cent,
recording the first 12-month gain since January 2023, underpinned by a 4.8 per cent surge in fuel
prices. Meanwhile, non-fuel prices were flat.
The report also
showed that the price index for U.S. exports rose 0.3 per cent m-o-m in March,
following a downwardly revised 0.7 per cent m-o-m jump (from +0.8 per cent
m-o-m) in the previous month. This represented the
third consecutive monthly gain in export prices.
Economists had forecast
export prices to gain 0.3 per cent m-o-m in March.
The March advance
in the U.S. export-price index reflected a 0.4 per cent m-o-m increase in prices for non-agricultural exports
that was partly offset by a 0.7 per cent m-o-m drop in prices for agricultural
exports.
Over the past
12 months, the price index for exports plunged 1.4 per cent, driven by an 8.1
per cent tumble in prices of agricultural exports and a 0.6 per cent m-o-m decrease
in prices of non-agricultural exports. This marked the 13th annual fall in U.S. export prices in a row. which was also the weakest one since February 2023
(-0.8 per cent).