Figures released Wednesday south of the border showed import prices increased more than expected in April amid rising costs for petroleum products and a range of other goods, which could help boost domestic inflation.
The U.S. Labor Department pegged the hike in import prices at 0.5% last month after an upwardly revised 0.1% gain in March. Import prices have now increased for five straight months.
Economists had forecast import prices increasing 0.2% in April after a 0.2% drop in March.
In the 12 months through April, import prices rose 4.1%, slowing from March's 4.3% increase. Import prices shot up 4.7% on a year-on-year basis in February, the biggest gain in five years.
In April, prices for imported petroleum rebounded 1.6% after declining 0.4% in March. Import prices excluding petroleum gained 0.4%, the biggest increase since July 2016, after edging up 0.1% in the prior month.
Import prices excluding petroleum have now increased for four straight months, in part reflecting an ebb in the U.S. dollar's rally. Import prices excluding petroleum rose 1.4% in the 12 months through April, the largest increase since March 2012.
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