Shipping cranes sit idle at the Port of Oakland in California in April, 2025.Justin Sullivan/Getty Images
U.S. monthly import prices increased less than expected in March, though details still pointed to firming imported inflationary pressures amid the Middle East conflict.
Import prices rose 0.8 per cent last month after a downwardly revised 0.9-per-cent gain in February, the Labor Department’s Bureau of Labor Statistics said on Wednesday. Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 2.0 per cent after a previously reported 1.3-per-cent rise in February.
In the 12 months through March, import prices shot up 2.1 per cent. That was the largest year-on-year rise since December, 2024, and followed a 1.0-per-cent increase in February.
Imported fuel prices rose 2.9 per cent last month after advancing 2.4 per cent in February. Oil prices have jumped more than 35 per cent since the U.S.-Israeli war with Iran started at the end of February. Higher oil prices raised consumer and producer prices in March, government data showed recently.
Imported food prices gained 0.5 per cent. Excluding food and energy, import prices increased 0.6 per cent after rising 0.9 per cent in February. There were solid increases in the prices of imported capital goods as well as consumer goods excluding automobiles.