MW: Import prices climb in March in the first gain since the summer
WASHINGTON (MarketWatch) — The cost of imported goods rose in March for the first time in nine months, mostly because of a rebound in the price of gasoline.
Import prices rose 0.2% last month, the government said Tuesday. That’s the first increase since last September. Import prices had been held in check by tumbling costs of oil and other commodities as well as a stronger dollar that makes foreign goods less expensive.
Yet the price of oil CLK6, +0.17% has returned to $40 a barrel from less than $30 earlier in the year and the dollar has weakened a bit, putting upward pressure on import costs.
Excluding fuel, import prices fell 0.1% in March.
Over the past year, import prices have dropped 6.2%, helping to keep U.S. inflation under wraps. The cost of consumer goods such as French cheese and Chinese-made TVs are giving Americans more bang for their buck.
The price of all exports minus fuel has declined 2.5% in the same span.
The cost of U.S. exports, meanwhile, were unchanged in March. Export prices have tumbled 6.1% in the past year, meaning American exporters are generating less cash per sale. That’s led to a decline in exports and lower profits for U.S. companies.
