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U.S. Import, Export Prices Unexpectedly Inch Higher In April
(RTTNews) - The Labor Department released a report on Friday unexpectedly showing modest increases by both U.S. import and export prices in the month of April.
The report said import prices crept up by 0.1 percent in April after falling by a downwardly revised 0.4 percent in March.
Economists had expected import prices to decrease by 0.4 percent compared to the 0.1 percent dip originally reported for the previous month.
Meanwhile, the Labor Department said the annual rate of growth by import prices slowed to just 0.1 percent in April from 0.9 percent in March.
The modest monthly uptick by import prices came despite a continued nosedive by prices for fuel imports, which tumbled by 2.6 percent in April after plunging by 3.4 percent in March.
Prices for non-fuel imports increased by 0.4 percent in April after edging down by 0.1 percent in March, reflecting higher prices for capital goods, non-fuel industrial supplies and materials, consumer goods and automotive vehicles.
The Labor Department said export prices also inched up by 0.1 percent in April, matching an upwardly revised uptick in March.
Economists had expected export prices to decline by 0.5 percent compared to the unchanged reading originally reported for the previous month.
The report said the annual rate of growth by exports prices slowed to 2.0 percent in April from 2.4 percent in March.
The modest monthly increase by export prices came as prices for agricultural exports rose by 0.5 percent in April after dipping by 0.2 percent in March, while prices for non-agricultural exports inched up by 0.1 percent for the second straight month.
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