According to the Bureau of Labor Statistics, import prices in the United States increased by 0.4% in March 2024, marking the third consecutive monthly increase. This continuing growth resulted to a 1.4% increase in the first quarter, the highest quarterly gain since mid-2022. Import costs rose by 0.4% last year, the first yearly increase since early 2023.
Change in Price of Commodity
Imported fuel costs rose 4.7% in March, following a 1.3% increase in February. Petroleum prices rose 6.0%, but natural gas prices fell 31.9%. The cost of imported food increased 1.6% after rising 0.3% the previous month.
Import prices, excluding fuels and food, remained steady. These so-called core import prices rose 0.1% in February. Core import prices declined by 0.4% year on year in March.
Prices for imported capital goods fell 0.3% last month, presumably indicating a slowdown in company investment. The cost of motor vehicles, parts, and engines increased by 0.2%. Imported consumer goods prices, excluding automobiles, decreased 0.3%.
The cost of imported goods from China fell by 0.1% for the second month in a row. They fell 2.6% year on year in March. Prices for Japanese imports also declined. However, the prices of items imported from Canada and Mexico rose significantly.
The study also indicated that export prices increased by 0.3% in March, following a 0.7% increase in February. Agricultural export prices declined 0.7% in March, led by lower soybean, corn, and wheat prices. Meat costs increased. Non-agricultural goods export prices rose 0.4%.
Export prices declined 1.4% year on year in March, the weakest decrease since February 2023, following a 2.0% dip in February.