|
The
Labor Department said on Thursday that import prices increased
0.3 percent last month after an upwardly revised 0.3 percent
gain in March. The rise last month reflected a pick-up in oil
prices and the dollar's depreciation. Economists polled by
Reuters had forecast import prices rising 0.5 percent in April
after March's previously reported 0.2 percent advance.
Prices for imported goods were down 5.7 percent in the 12 months
through April, reflecting the lingering effects of the dollar's
sharp rally and the oil price plunge between June 2014 and
December 2015.
Last month's increase in import prices implied that the
disinflationary impulse from a stronger dollar, which has helped
to hold inflation well below the Federal Reserve's 2 percent
target, was fading.
The dollar <.DXY> has this year weakened 2.5 percent against the
currencies of the United States' main trading partners. The
greenback gained 20 percent on a trade-weighted basis between
June 2014 and December 2015. At the same time, oil prices have
pushed off multi-year lows.
Imported petroleum prices increased 4.1 percent last month after
rising 9.6 percent in March.
Import prices excluding petroleum edged up 0.1 percent, the
first increase since March 2014.
Imported food prices jumped 1.3 percent last month, also the
largest gain since March 2014. Prices for imported industrial
supplies and materials excluding petroleum increased 0.4
percent.
Prices for imported capital goods slipped 0.1 percent, while the
cost of imported automobiles edged up 0.1 percent. Prices for
imported consumer goods excluding autos fell 0.3 percent.
The report also showed export prices increased 0.5 percent in
April, the largest rise since May 2015, after being flat in
March. Export prices were down 5.0 percent from a year ago.
(Reporting by Lucia Mutikani; Editing by Paul Simao)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
