U.S. Import Prices Climb 0.8% In March, Much Less Than Expected
(RTTNews) - Import prices in the U.S. grew by much less than expected in the month of March, according to a report released by the Labor Department on Wednesday.
The Labor Department said import prices climbed by 0.8 percent in March after increasing by a downwardly revised 0.9 percent in February.
Economists had expected import prices to surge by 2.0 percent compared to the 1.3 percent jump originally reported for the previous month.
Meanwhile, the report said the annual rate of growth by import prices accelerated to 2.1 percent in March from 1.3 percent in February.
The monthly increase in import prices partly reflected a continued surge in prices for fuel imports, which shot up by 2.9 percent in March after jumping by 2.4 percent in February.
The Labor Department said prices for non-fuel impots rose by 0.6 percent in March after climbing by 0.8 percent in February.
The increase reflected higher prices for non-fuel industrial supplies and materials, capital goods, consumer goods excluding automotives and foods, feeds, and beverages.
The report also said export prices shot up by 1.6 percent in March after surging by an upwardly revised 1.9 percent in February.
Economists had expected export prices to jump by 1.5 percent, matching the increase originally reported for the previous month.
The Labor Department said the annual rate of growth by export prices spiked to 5.6 percent in March from 3.5 percent in February.
The sharp monthly increase in export prices came as prices for agricultural exports grew by 0.9 percent and prices for non-agricultural exports surged by 1.7 percent.
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