WASHINGTON – U.S. import prices rose by 0.5% in April on a 1.6% gain in fuel prices and across-the-board increases in the non-fuel components, according to data released by the Bureau of Labor Statistics Wednesday.
Import prices rose 0.4% excluding petroleum and were up 0.3% excluding all fuels.
Compared to a year ago, overall import prices were 4.1% higher a slowdown from the 4.3% year/year rate posted in March. However, prices excluding fuels were up 1.1% year/year and prices excluding petroleum were up 1.4% year/year, both the strongest 12-month gains since 2012 and suggesting underlying imported inflation is ticking up.
The 0.3% gain in import prices outside of fuels was the result of increases in every non-fuel component, with strong gains in industrial supplies excluding fuels and automotive goods leading the way.
Petroleum import prices rose 1.6%, while the relatively small natural gas price category posted a 4.0% price surge.
Excluding the gains in fuel prices foods and feeds prices, import prices were up 0.3%. The year-over-year rate of increase for this category was 1.0%.
By region, prices for imports from Canada, the EU, Latin America, and Mexico were all higher, while prices from Japan were unchanged and prices from China were lower.
Total export prices rose 0.2% in April as agricultural export prices rose 0.3%. Export prices excluding agriculture were up 0.1%.
Export prices rose 3.0% from a year earlier and were up 2.9% excluding agricultural commodities.
