WASHINGTON — The March import price data were up 0.6%, above expectations for a 0.4% gain by both the Bloomberg consensus and an MNI survey of analysts, but a smaller gain than 1.0% in February, according to data released by the Bureau of Labor Statistics on Friday.
Import prices increased 0.2% excluding petroleum, but fell 0.2% excluding all fuels. There were gains in food, and industrial supplies and materials, partially offset by declines in capital goods and consumer goods excluding autos. Fuel prices were up 6.4% in the month, with petroleum prices rising 4.7%. Natural gas prices were also up 42.3%. This gain in fuels was the main driver of the overall gain in import prices.
Overall import prices were flat year/year in March after a 0.8% year/year decline the previous month. Prices excluding fuels were down 0.8% year/year and prices excluding petroleum were down 0.3% year/year.
By region, prices for imports from most industrialized countries were generally mixed. Import prices from Canada rose 2.0%, due to a 6.3% increase in non-manufacturing goods that was accompanied by a 0.2% gain in manufacturing goods. Prices from China and Mexico were flat, while prices from the EU rose 0.3% in the month.
Total export prices were up 0.7% in March on a 0.9% increase in agricultural export prices. Export prices excluding agriculture posted a 0.7% gain. Export prices were up 0.6% from a year earlier and up from the 0.3% year/year gain in February. Export prices excluding agriculture were up 1.0% year/year, while agricultural prices were down 2.3% year/year.
