Rise of U.S. import prices in April is first of 2023
Economists polled by the Wall Street Journal had forecast a 0.3% gain.
Over the past 12 months, the costs of imports has dropped 4.8%. That followed a 12.5% gain in the prior year. Key details: The cost of imported fuel rose 4.5% in April after a 3.9% drop in the prior month. This was the first increase since last June. The cost of imports excluding fuel were flat in April after a 0.5% decline in the prior month. Over the past year, nonfuel import prices are down 1.9%.Big picture: The stronger dollar last year dampened import prices and was a source of disinflation, but with the dollar softer this year, prices are firming.
Market reaction: Stocks DJIA, -0.66% SPX, -0.17% were expected to open higher on Friday. The yield on the 10-year Treasury note TMUBMUSD10Y, 3.406% rose to 3.41%.
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