US Import Prices Missed Forecast In April

Forex News

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.