U.S. import prices accelerate in March on petroleum

Vehicles wait in a queue to cross into the United States near in the Cordova of the Americas Global border bridge connecting the city of Ciudad Juarez to El Paso, Texas, in Ciudad Juarez, Mexico April 13, 2022. REUTERS/Jose Luis Gonzalez/File Picture

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WASHINGTON, April 14 (Reuters) – U.S. import rates accelerated by the most in 11 a long time in March as Russia’s war from Ukraine boosted petroleum charges, one more indicator that superior inflation could persist for a whilst.

Import rates jumped 2.6% very last month, the major increase considering that April 2011, after growing 1.6% in February, the Labor Division said on Thursday. In the 12 months through March, costs raced 12.5%, the premier obtain since September 2011, immediately after advancing 11.3% in February. Economists polled by Reuters experienced forecast import rates, which exclude tariffs, rising 2.3%.

The Russia-Ukraine war has driven up price ranges of oil and other commodities, like wheat and sunflower oil.

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Government data this week showed monthly shopper price ranges increasing by the most in 16-1/2 yrs in March, while producer price ranges notched their largest gain considering that December 2009. The Federal Reserve in March raised its coverage fascination charge by 25 foundation factors and has signaled even bigger amount hikes down the road.

Imported gas rates jumped 14.6% previous month immediately after climbing 10.% in February. Petroleum price ranges shot up 16.1%, even though the value of imported foodstuff edged up .1%.

Excluding gas and food items, import costs accelerated 1.2%. These so-referred to as main import price ranges improved .7% in February. They jumped 7.1% on a yr-on-year basis in March.

The report also confirmed export costs soared 4.5% in March, the largest because the regular monthly collection begun in January 1989, following advancing 3.% in February.

Selling prices for agricultural exports surged 4.7%. Nonagricultural export rates vaulted 4.5%. Export prices jumped 18.8% calendar year-on-12 months in March. That was the major enhance on history and followed a 16.5% maximize in February.