Import prices in the U.S. fell in line with economist estimates in the month of April, according to a report released by the Labor Department on Tuesday.
The report said imports prices fell by 0.5 percent in April following a revised 0.2 percent drop in March. The drop in import prices matched economist estimates, while the data for the previous month was revised from the 0.5 percent decrease originally reported.
A notable decrease in fuel prices contributed to the drop in import prices, with fuel import prices tumbling by 1.7 percent in April after sliding by 0.6 percent in March.
The Labor Department said a 1.9 percent decline in petroleum prices more than offset a 6.1 percent increase in natural gas prices.
Excluding the drop in fuel prices, import prices edged down by a more modest 0.2 percent in April compared to a 0.1 percent dip in March.
Meanwhile, the Labor Department said export prices slid 0.7 percent in April compared to a revised 0.5 percent decrease in March. Export prices had been expected to edge down by 0.1 percent.
Agricultural export prices tumbled by 2.2 percent amid an 8.1 percent drop in corn prices, a 6.2 percent decrease in soybean prices, and a 7.7 percent decline in nut prices.
Prices for non-agricultural exports fell by 0.5 percent due largely to a 1.0 percent decrease in prices for non-agricultural industrial supplies and materials.
Compared to the same month a year ago, import prices were down by 2.6 percent in April, while export prices were down by 0.9 percent year-over-year.
by RTT Staff Writer
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