APR. IMPORT PRICE INDEX UP 1.8%, PETROLEUM IMPORT PRICES UP 4.4%
The Apr. Import Price Index increased 1.8%, which is slightly higher than consensus estimates but down from an upward revised 2.9% in Mar. The Import Price Index in Apr. was led higher by a 4.4% increase in the price of petroleum imports. Petroleum import prices y-o-y in Apr. were up 57.2%. Apr. Non-Petroleum import prices increased 1.1% and were led higher by a 3.3% increase in the price for non-petroleum industrial supplies and materials.
The twelve month cumulative average for all import prices was 15.4% in Apr., which is the largest recored increase since the Import Price Index was first published in ‘82.
Food import prices grew 0.4% in Apr. from an upward revised 2.8% increase in Mar. Prices for imported capital goods in Apr. grew 0.8% from an upward revised 0.1% increase in Mar. Prices for imported consumer goods in Apr. rose 0.2% from a 0.4% increase in Mar. Prices for Apr. imported industrial supplies and materials increased 3.9%.
Mar. export prices grew 0.3% from an unrevised 1.5% Mar. increase. Ex-Ag export prices increased 0.6% in Apr. from an upward revised 1.5% increase in Mar. Agriculture export prices fell a hefty 2.2% following an upward revised 4.2% increase in Mar. Prices for exported industrial supplies and materials grew 1.2%. Export prices were up 7.7% y-o-y in Apr.