Prices for U.S. imports increased last month, but less than expected, as a rebound in the cost of petroleum products was tempered by a decline in food prices.
Figures released Friday by the U.S. Labor Department said on Friday import prices rose 0.3% last month. Data for March was revised to show import prices falling 0.2% instead of being unchanged as previously reported.
Economists had forecast import prices rising 0.5% in April. In the 12 months through April, import prices increased 3.3%, matching March's gain.
Last month, prices for imported petroleum rebounded 1.6% after declining 2.2% in March. Excluding petroleum, import prices edged up 0.1% in April after being unchanged in the prior month. Import prices excluding petroleum rose 1.7% in the 12 months through April.
The cost of imported food fell 0.4% in April, declining for a second straight month, while prices for imported capital goods were unchanged. The cost of imported motor vehicles nudged up 0.1%. Prices of consumer goods excluding automobiles gained 0.1%.
