US import prices rose 1.9% in April, driven by a sharp 16.3% jump in fuel import costs and continued increases in nonfuel goods, according to the Bureau of Labor Statistics. Export prices climbed even faster, rising 3.3% for the month and 8.8% year-over-year, marking the strongest annual increase since 2022.
Fuel imports were a major driver of inflationary pressure, with petroleum prices surging 19% in April. Nonfuel imports also increased, led by higher prices for capital goods, semiconductors, industrial supplies, and consumer products. Import prices from China rose 0.8%, the largest monthly increase since 2008.
On the export side, rising prices for petroleum, chemicals, semiconductors, and industrial machinery pushed nonagricultural export prices up 3.4%. Export prices to major trading partners, including the European Union, China, Japan, and Mexico, also climbed sharply, reflecting stronger global pricing pressure and higher transportation costs.
