US import, export prices rise monthly in April

US import, export prices rise monthly in April

Monthly increase for imports largest since March 2022, says Labor Department

By Ovunc Kutlu

ISTANBUL (AA) - US import and export prices rose in April on a monthly basis, according to data released Thursday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports increased 0.9% last month, rising for the fourth consecutive month, and coming in much higher than estimates of a 0.2% gain.

The March figure was revised up to 0.6% from a gain of 0.4%.

The monthly gain in April was the largest since March 2022, while prices for imports last declined on a monthly basis in December, according to the agency.

"Prices for import fuel rose 2.4 percent in April, after advancing 5.4 percent the previous month," it said in a statement. "Prices for import fuel increased 3.3 percent for the year ended in April. Import petroleum prices rose 2.9 percent in April following a 10.7-percent advance from December 2023 to March 2024."

US import prices in April increased 1.1% from the same month last year, posting the largest year-on-year gain since December 2022.

Export prices, meanwhile, increased 0.5% in April, compared to the previous month, coming in slightly higher than expectations of a 0.4% gain.

The March figure was revised down to 0.1% from a gain of 0.3%.

"Export prices have not decreased on a monthly basis since December 2023," said the statement. "The price index for agricultural exports fell 0.9 percent in April, after declining 1.3 percent the previous month."

Annually, prices for US exports were down 1% in April, compared to the same month last year, recording the smallest year-on-year decline since February 2023.

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