Keeping you up to date on the latest data releases.
U.S. import prices rose 2.7 percent in March, the sixth consecutive month to mark an increase by more than 1 percent. On a year-over-year basis, import prices increased by 9.7 percent, reflecting the largest gain since April 2010. The jump from February’s 1.4 percent import price gain to March’s 2.7 percent can be attributed to rising petroleum import prices, up 10.5 percent from the previous month and 31.3 percent from a year ago. Excluding petroleum, March’s import prices rose by a modest 0.3 percent, down from February’s 0.6 percent gain. Although gains in nonpetroleum import prices fell from March to February, they were up from a year ago by 4.2 percent, marking the largest increase since October 2008. The increase can be attributed to rising food import prices, up 4.2 percent from the previous month and 19 percent compared to a year ago. The 19 percent year-over-year change reflects the largest increase since 1994 in food import prices.
U.S. export prices increased 1.5 percent in March, relatively unchanged from February’s 1.4 percent gain. On a year-over-year basis, export prices increased 9.5 percent. Nonfarm imports rose 1.3 percent marking the third consecutive monthly gain greater than 1 percent.