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US import prices up strongly in April
WASHINGTON - US import prices rose a larger-than-expected 1.3 percent in April, a second straight month of strong increases driven by steeper petroleum costs, according to a Labor Department report issued on Thursday.
The April rise exceeded Wall Street analysts’ forecasts for a 1 percent increase. It followed a revised 1.5 percent gain in March that originally was reported as a 1.7 percent jump.
Prices for imported petroleum climbed 6.5 percent in April after an 8.1 percent rise in March. The department said that, despite the strong rises in March and April, imported petroleum prices have fallen by 1.8 percent over the past year to April.
By contrast, prices for non-petroleum products edged up only 0.2 percent in April and 0.3 percent in March.
Import prices are monitored closely by policy-makers as a potential source of inflation. The Federal Reserve’s policy-setting Federal Open Market Committee said on Wednesday it was keeping interest rates steady for now but that it remained wary about inflation risks.
Export prices rose a slight 0.3 percent in April, half the revised 0.6 percent gain posted in March that was originally reported as a larger 0.7 percent increase. The department said prices were higher for fuels and chemicals and for iron and steel products.
Analysts had expected export prices to rise 0.4 percent.
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