US import prices rise less than expected in March

US import prices edged higher in March, but by far less than economists had expected as the prices of non-fuel imports retreated.

The country’s import price index rose 0.2% month-on-month and was down by 6.2% in comparison to the same period of a year ago, according to the Bureau of Labor Statistics.

Economists had pencilled in an advance of 1.0%.

Fuel import prices jumped 4.9% over the month while those for non-fuel imports slipped by 0.1%.

In February, import prices retreated 0.4% month-on-month, down from a preliminary estimate of -0.3%.

A gauge of export prices for March was flat over the month (-6.1% year-on-year), as a 2.5% fall (-11.1% year-on-year) in agricultural export prices weighed on the index. Prices of non-agricultural exports were 0.3% against February (-5.6% year-on-year).