In March 2024, U.S. import prices rose by 0.4%, marking the third consecutive monthly increase, according to the U.S. Bureau of Labor Statistics. This continued growth contributed to a 1.4% increase for the first quarter, the largest quarterly rise since mid-2022. Over the past year, import prices saw a modest increase of 0.4%, marking the first annual gain since early 2023.
Fuel imports significantly influenced these figures, with the price index for import fuel jumping 4.7% in March, driven by a notable rise in petroleum prices which surged 6.0% for the month. Despite a sharp decline in natural gas prices, which plummeted 31.9% in March, overall fuel prices increased by 4.8% over the past year.
Nonfuel imports also saw an uptick, with a 0.1% rise in March. This modest growth was supported by higher prices in foods, feeds, beverages, nonfuel industrial supplies, and automotive vehicles. Notably, food prices climbed 1.6%, led by increases in vegetables, meat, and bakery products.
In the export sector, U.S. export prices increased by 0.3% in March, continuing a positive trend from previous months. Despite a drop in agricultural prices, which fell 0.7% due to lower prices for soybeans, corn, and wheat, nonagricultural export prices rose by 0.4%. This was bolstered by gains in nonagricultural industrial supplies and consumer goods.
Nonagricultural industrial supplies and materials saw a 0.6% increase, led by a 3.4% rise in nonferrous metals prices. Prices for major export finished goods categories generally increased, with consumer goods and capital goods showing positive movement in March.
