WASHINGTON, May 16 - U.S. import prices rose by the most in two years in April amid rising costs for energy products and other goods, suggesting that domestic inflation could remain elevated for a while.
In the 12 months through April, import prices accelerated 1.1%, the largest gain since December 2022. Prices rose 0.4% in March, which was the first year-on-year increase since January 2023. Subsiding price pressure together with easing labor market conditions have strengthened expectations that the Federal Reserve will start cutting interest rates in September.
Imported fuel prices increased 2.4% in April after vaulting 5.4% in March. The cost of imported food increased 1.7% after rising 1.6% in March. Excluding fuels and food, import prices jumped 0.6%. These so-called core import prices gained 0.1% in March. Core import prices rose 0.4% year-on-year in April.
Source: Financial Digest (financialdigest.net)
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