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Wednesday, June 19, 2024

US import prices up 0.9% in 2024; export prices up 0.5%

According to the Bureau of Labour Statistics (BLS), the price index for US imports rose by 0.9 percent in April after advancing by 0.6 percent in March. Higher fuel and non-fuel import prices contributed to the overall rise.

Prices for US exports, a crucial factor in the country’s trade balance, increased by 0.5 percent in April, building on a 0.1 percent growth in the previous month. It’s noteworthy that export prices have not seen a monthly decrease since December 2023. However, despite these recent gains, the price index for US exports has still declined by 1 percent over the past year, marking the smallest over-the-year drop. Imported fuel, a significant component of the US import basket, saw a notable 2.4 percent price increase in April, following a substantial 5.4 percent surge the previous month. It’s worth noting that imported fuel prices have not seen a monthly decrease since the index fell by 8 percent in December 2023. Over the year ended in April, such prices increased by 3.3 percent, reflecting the volatility in the global energy market.

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