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US import prices tick higher in April

U.S. import prices edged up 0.3% on a monthly basis in April after a revised 0.2% decline in the previous month, the Bureau of Labor Statistics said.

Prices for fuel imports gained 1.3% for the month, following a 2.4% decline in March. Petroleum prices increased 1.6%, while prices for natural gas fell 4.4%.

Non-fuel import prices ticked up 0.2% from a 0.1% gain in March.

In annual terms, U.S. import prices rose 3.3% for the 12-month period that ended in April. Fuel import prices climbed 18.7% year over year, while prices for nonfuel imports increased 1.8%

Export prices increased for the 10th straight month, rising 0.6% in April after a 0.3% gain in March. The bureau said higher non-agricultural export prices drove the increase.

Agricultural export prices slipped 1.2% for the month from a 3.2% gain in March, the first monthly drop since December 2017. Lower export prices for soybeans, nuts and wheat drove the decline.

Non-agricultural export prices rose 0.7% in April after coming in flat the previous month.

In the 12 months through April, the price index for exports rose 3.8%. Agricultural export prices rose 1.4% year over year and non-agricultural export prices increased 4.0%.