U.S. import prices rise 0.2% in April on higher fuel prices; export prices up 0.2%

Economic News Release USDL-19-0811

U.S. Import and Export Price Indexes summary
Transmission of material in this release is embargoed until 8:30 a.m. (EDT) Tuesday, May 14, 2019

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U.S. IMPORT AND EXPORT PRICE INDEXES - APRIL 2019

U.S. import prices advanced 0.2 percent in April, the U.S. Bureau of Labor Statistics reported today, after increasing 0.6 percent in March. The April advance was driven by higher fuel prices, which more than offset decreasing prices for nonfuel imports. Prices for U.S. exports rose 0.2 percent in April after a 0.6-percent rise in March.


Imports

The price index for U.S. imports rose 0.2 percent in April, continuing the upward trend that began in January. The April rise followed a 0.6-percent advance in March and a 1.0-percent increase in February. Despite the recent monthly advances, import prices declined 0.2 percent for the 12-month period ended in April. The April year-over-year decrease was driven by lower nonfuel prices. (See table 1.)

Fuel Imports: The price index for fuel imports rose 2.5 percent in April, after increasing 6.9 percent in March and 10.2 percent in February. A 6.1-percent rise in petroleum prices drove the increase in fuel prices. Natural gas prices declined 53.7 percent in April, the largest decrease since the index was first published on a monthly basis in December 1994. Fuel prices rose 6.9 percent over the past 12 months. The price index for petroleum increased 7.0 percent for the year ended in April, and prices for natural gas declined 10.5 percent over the same period. The 12-month decrease in natural gas prices was the largest decline since the index fell 27.3 percent in June 2018.

All Imports Excluding Fuel: The price index for nonfuel imports edged down 0.1 percent in April, after falling 0.2 percent in March. In April, falling prices for finished goods and nonfuel industrial supplies and materials more than offset an increase in prices for foods, feeds, and beverages. Nonfuel import prices declined 0.9 percent from April 2018 to April 2019, the largest 12-month drop since the index fell 0.9 percent for the year ended August 2016. All of the major import categories except foods, feeds, and beverages contributed to the decrease in nonfuel prices over the past year.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices edged down 0.1 percent in April after recording no change the previous month. The April decrease was driven by declining prices for building materials and chemicals which more than offset rising prices for unfinished metals.

Finished Goods: Prices for imported finished goods were down in April. The price index for capital goods declined 0.4 percent, and consumer goods and automotive vehicles prices decreased 0.3 percent and 0.1 percent, respectively.

Foods, Feeds, and Beverages: The price index for foods, feeds, and beverages rose 2.8 percent in April, the largest monthly advance since the index increased 3.1 percent in July 2016. The April advance was driven by higher prices for fruit, vegetables, and meat.
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Import and Export Price Index data for May are scheduled for release on Thursday, June 13, 2019 at 8:30 a.m. (EDT).