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Prices for U.S. imports increased 0.4 percent in March, marking the third consecutive month of growth, a report has said. The rise, attributed to higher prices for both fuel and nonfuel imports, signifies a steady upward trend in import costs, said a press release from the Bureau of Labor Statistics.
U.S. import prices surged by 1.4 percent over the first quarter of 2024, the largest three-month rise since 2022. This increase follows a 0.4 percent rise in March and signals a notable shift in import dynamics.
The price index for import fuel saw a substantial increase of 4.7 percent in March, the largest monthly rise since September 2023. While import petroleum prices climbed by 6.0 percent, natural gas import prices declined by 31.9 percent, reflecting the volatile energy market.
Nonfuel import prices ticked up by 0.1 percent in March, indicating a modest uptick after a previous increase in February. Despite fluctuations, prices for nonfuel imports remained unchanged for the year ended in March.
Prices for foods, feeds, and beverages experienced a notable 1.6 percent increase in March, driven by higher prices for vegetables, meat, and bakery products.
The price index for nonfuel industrial supplies and materials rose by 0.6 percent in March, primarily due to higher prices for both finished and unfinished metals.
Prices for finished goods were mixed in March, with consumer goods and capital goods experiencing declines of 0.3 percent each, while automotive vehicles saw a slight increase of 0.2 percent.
Export prices for U.S. goods increased by 0.3 percent in March, mainly driven by higher prices for nonagricultural goods, despite a decline in agricultural prices.
Agricultural export prices decreased by 0.7 percent in March, led by lower prices for soybeans, corn, and wheat, resulting in an 8.1 percent decline over the past year.
Nonagricultural export prices rose by 0.4 percent in March, indicating a steady growth trend. Prices for nonagricultural industrial supplies and materials, consumer goods, and capital goods all contributed to this increase.
Prices for nonagricultural industrial supplies and materials increased by 0.6 percent in March, led by a significant rise in nonferrous metals prices.
Export prices for finished goods were mostly up in March, with consumer goods seeing the largest increase of 0.5 percent, followed by a 0.2 percent rise in capital goods prices, while automotive vehicle prices remained unchanged.
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