US Import Prices Missed Forecast In April
Prices for imports in the US rose less than expected in April, as the rollback of prices for petroleum products was mitigated by a fall in food prices, which was the last indication that inflationary pressures increase moderately. The US Labor Department reported, that import prices increased by 0.3% last month, while economists forecast a 0.5% gain. On annual basis, import prices grew by 3.3%, matching March's gain.
Import prices for nonfuel industrial supplies and materials grew by 0.7% after 1.0% growth in March. They were driven by a 4.0% surge in the prices of iron and steel mill products. The cost of goods imported from China fell by 0.1% in April (the first drop in seven months), after rising 0.2% in March. On annual basis, prices rose by 0.2% in April.
The report also showed, that export prices increased by 0.6% in April after gaining 0.3% in March. Export prices gained 3.8% on a year-on-year basis (the largest gain since November 2011), after rising 3.4% in March. Prices for agricultural products declined by 1.2% last month, the first drop since December 2017, weighed down by lower prices for soybeans, nuts and wheat.