US import and export prices declined in March higher than market expectations, according to data released Friday by the Labor Department’s Bureau of Labor Statistics.
Prices for US imports decreased 0.6% last month, after declining 0.2% in February. The figure came worse than the expectation of a 0.1% contraction.
“Lower prices for fuel and nonfuel imports each contributed to the March drop in U.S. import prices,” the Bureau of Labor Statistics said in a statement.
Export prices fell 0.3% in March, after increasing 0.4% in February, The figure also came worse than the market estimate of a 0.1% decline.
“Lower prices in March for agricultural exports and nonagricultural exports each contributed to the overall decrease,” the statement said.
On annual basis, prices for US exports decreased 4.8% in March – the largest 12-month decline since May 2020.
The price index for US imports in March declined 4.6% year-on-year, also marking the biggest 12-month drop since May 2020.
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