"US Import Prices Drop in March Due to Weak Oil Prices"

# U.S. Import Prices Decrease in March, First Drop Since September In March, import prices in the United States decreased by 0.1%, the first decline since September 2022, according to the U.S. Bureau of Labor Statistics' data released on April 15. This drop was largely due to a decline in fuel import costs, which offset a rise in non-fuel import prices. Meanwhile, export prices stayed steady following a 0.5% increase in February. # Fuel Import Prices Experience Steepest Decline Since September March saw a 2.3% drop in fuel import prices, the largest monthly decrease since the 7.2% fall in September 2022. This overall decrease was driven by declines in both crude oil and natural gas prices. Crude oil import prices fell by 1.5%, marking their first monthly decline since October 2022, while natural gas import prices plummeted by 19.8%, the steepest monthly drop since March 2022. # Non-Fuel Import Prices Increase for Second Month in a Row Non-fuel import prices went up by 0.1% in March, marking their second consecutive monthly rise. Increased prices for capital goods, non-fuel industrial supplies, materials, as well as food, feed, and beverages, offset declines in consumer goods and automotive prices. Food, feed, and beverage prices saw a slight 0.1% uptick, while prices for non-fuel industrial supplies and materials climbed by 0.4%. Finished goods imports exhibited mixed performance across categories. Prices for capital goods rose by 0.3%, whereas automobile prices dropped by 0.1%, and consumer goods prices decreased by 0.2%. # Regional Trends: Mixed Outcomes by Country of Origin Import prices showed regional variation. Prices for imports from China dropped by 0.2%, while those for Japanese goods rose by 0.5%. Imports from the European Union remained stable, with prices for goods from Mexico and Canada falling by 0.3% and 1.5%, respectively. # Year-Over-Year Trends: Import Prices Rise by 0.9% Compared to March 2022, U.S. import prices went up by 0.9%. Fuel import prices registered a significant annual decline of 5.2%, while non-fuel import prices increased by 1.5%. The U.S. Bureau of Labor Statistics is set to release the import and export price index data for April on May 16.