WASHINGTON — U.S. import prices rebounded by 0.3% in April following a downward revised 0.2% decline in March, with a recovery in energy prices and gains in other industrial supplies the key factors, according to data released by the Bureau of Labor Statistics Friday.
The data suggest imported inflation growth remains modest outside of significant price acceleration for energy products.
Overall fuel prices rose 1.3%, with petroleum prices up 1.6%, but natural gas prices fell 4.4%.
Import prices were up only 0.1% excluding petroleum and were up 0.2% excluding all fuels. There was strength in industrial supplies outside of fuels, along with modest gains in imported autos and consumer goods. Capital goods prices were flat and prices of foods, feeds, and beverage declined.
Overall import prices were up 3.3% year/year in April, the same as in the previous two months, while prices excluding fuels were up 1.8% year/year and prices excluding petroleum were up 1.7% year/year. Energy prices are still leading the rise for imported inflation.
By region, prices for imports from most industrialized countries were generally higher. There were price gains from Canada, the EU, and Japan that were offset by declines from Mexico and China.
Total export prices rose 0.6% in April despite a 1.2% drop in agricultural export prices. Export prices excluding agriculture saw a 0.7% increase. Export prices were up 3.8% from a year earlier, up sharply from the 3.4% year/year gain in March. Export prices excluding agriculture were up 4.0% year/year, while agricultural prices were up only 1.4% year/year.
